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The IBIT stock price continued its strong bullish momentum this week as it jumped to a record high. This surge could continue in the coming months as Polymarket traders predict that the Bitcoin price will hit $150k this year. This move will likely make BlackRock’s Bitcoin ETF flip the biggest gold ETF.
IBIT Stock Surge Could See it Flip the Biggest Gold ETF
The iShares Bitcoin ETF has become one of the most successful funds globally. Data shows that it has attracted over $55.98 billion in inflows since its launch in January 2024. Its assets have then jumped to over $86 billion, higher than all the other Bitcoin ETFs combined.
IBIT ETF has also climbed the ladder and become the eighth biggest BlackRock ETF. It has become the most profitable because of its 0.25% expense ratio. It is more profitable than the iShares Core S&P 500 ETF (ETF), which has over $632 billion in assets.
The IBIT stock surge and its asset growth mean it may soon flip the SPDR Gold Shares ETF (GLD) established in 2004. GLD’s assets have jumped to over $101 billion. Therefore, if the ongoing trend continues, it is likely that the IBIT ETF will flip the GLD ETF later this year.
Polymarket Traders See Bitcoin Price Hitting $150,000
The IBIT ETF will likely flip GLD because of its increased inflows and Bitcoin price. According to SoSoValue, Bitcoin ETFs have had inflows in the last four consecutive months and the trend is accelerating. It now holds 727,359 coins.
Meanwhile, Polymarket traders believe that Bitcoin will surge to over $150,000 this year. A poll has a 77% chance of hitting $125,000 and 47% hitting $150,000.
Assuming that inflows stop and Bitcoin jumps to $150,000, the fund will have over $109 billion in assets, higher than the biggest fund.
Technical Analysis Point to Bitcoin Price Surge
The IBIT stock tracks the price of Bitcoin. Therefore, the best way to predict its price action is to focus on BTC. The chart below shows that Bitcoin price made a strong bullish breakout last week.
This surge happened after the coin formed a cup-and-handle pattern whose upper side was at $109,220. It also formed the highly bullish pattern known as a bullish flag, comprising a vertical line and a consolidation.
The cup’s depth and the flagpole height are about 33%, and measuring the same distance from its upper side points to a surge to near $150,000 during this crypto bull run.
More Catalysts for Bitcoin and IBIT Stock
More catalysts may push the IBIT stock price higher in the longer term. For one, the ongoing demand for Bitcoin from ETFs and treasury companies is happening at a time when its supply is plunging. CoinGlass data shows that there are now 2.1 million coins on exchanges, down from over 2.8 million in January.
Second, Bitcoin price will benefit from clearer regulations in the United States. The House of Representatives is expected to vote for the GENIUS Act on Thursday, and the CLARITY Act soon. These clear regulations will likely draw more investors to the crypto market.
Further, the IBIT ETF stock will jump as the Federal Reserve starts to cut interest rates. Most economists expect the bank to start cutting rates either in September or October. The pace of cuts will accelerate next year when Donald Trump replaces Powell.
The IBIT stock price has surged in the past few months as Bitcoin has moved to a record high. This momentum will likely continue in the coming years. Besides, history shows that Bitcoin has always risen in the long term. It moved from near zero in 2009 to over $118,000 today.
