BlackRock's iShares Bitcoin Trust (IBIT) has now surpassed $10 billion in assets under management (AUM), according to CoinGlass data.

Bloomberg ETF analyst Eric Balchunas pointed out that IBIT is among the 152 exchange-traded funds (ETFs) that have achieved the $10 billion milestone, out of roughly 3,400 existing ETFs.

IBIT has notably become the fastest ETF to reach $10 billion in AUM, having commenced trading less than two months ago on Jan. 11. In contrast, the first gold ETF took two years to reach the same milestone.

While the Grayscale Bitcoin Trust (GBTC) boasts a larger AUM at $27 billion, it began as an investment fund in 2013 before converting to an ETF this year, unlike BlackRock’s IBIT, which started with zero assets.

The Fidelity Wise Origin Bitcoin Fund (FBTC), the third largest spot Bitcoin ETF, currently manages $6.5 billion in assets. Together, all ten existing spot Bitcoin ETFs hold $48.2 billion in AUM.

Balchunas attributed IBIT's growth to inflows, noting that ETFs typically face challenges in reaching the first $10 billion in AUM, as it primarily originates from inflows. However, achieving the second $10 billion is often easier due to market appreciation.

IBIT surpassed the $10 billion mark on March 1, with $7.7 billion in inflows since its launch, including $603 million on Feb. 29, marking the third-longest run of inflows for an ETF.

The surge in Bitcoin prices, which reached $67,200 as of March 4, up 25.3% over the past week and 51.0% over two months, may have further fueled IBIT's growth.

Additionally, reports suggest that financial institutions like Bank of America’s Merrill Lynch and Wells Fargo have started offering access to BlackRock’s Bitcoin ETF and competing ETFs, potentially contributing to its recent growth.