BlackRock and Fidelity's Bitcoin spot exchange-traded funds (ETFs) have broken records by surpassing $10 billion in assets under management (AUM) in an unprecedentedly short period, according to Bloomberg's senior ETF analyst Eric Balchunas.

Balchunas emphasized the remarkable swiftness with which these ETFs attained the $10 billion milestone, highlighting that the previous record-holder, JEPQ, took nearly three years or 647 trading days to achieve the same feat. In stark contrast, IBIT reached this milestone in just 49 days, while FBTC accomplished it in 77 days.

Before the advent of bitcoin ETFs, the record for the fastest accumulation of $10 billion in AUM was held by JEPQ, the JPMorgan Nasdaq Equity Premium Income ETF, which employs an active management strategy involving trading equity-linked notes and selling call options to generate income for investors.

BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) were both launched on January 11, 2024. These ETFs offer investors exposure to bitcoin's price movements without the need to directly hold the underlying asset.

IBIT exceeded $10 billion in total inflows on March 11, 2024, and surged to $15 billion in total inflows by April 12. As of May 6, IBIT maintained assets under management of $17.28 billion, according to The Block's Data Dashboard.

FBTC became the second bitcoin ETF, after IBIT, to achieve $1 billion in inflows on January 19. It crossed the $10 billion AUM mark on March 28, with a record inflow of $473 million on March 8. Data from The Block's Data Dashboard reveals that FBTC's inflows nearly reached $100 million on May 6.

Both IBIT and FBTC rank among the largest spot bitcoin ETFs by market share, with IBIT holding 43.98% and FBTC ranking third with 18.34%, trailing behind Grayscale's GBTC.