Bitcoin spot exchange-traded funds (ETFs) from BlackRock and Fidelity have shattered the previous record for reaching $10 billion in assets under management (AUM), achieving this milestone in a fraction of the time it took the previous record holder, according to Bloomberg's senior ETF analyst Eric Balchunas.

Balchunas highlighted the remarkable speed at which these ETFs reached the $10 billion mark, noting that JEPQ, the previous record-holder, took nearly three years, or 647 trading days, to achieve the same feat. In contrast, IBIT reached the milestone in just 49 days, while FBTC accomplished it in 77 days.

Prior to the emergence of bitcoin ETFs, the record speed for reaching $10 billion in AUM was held by JEPQ, the JPMorgan Nasdaq Equity Premium Income ETF. JEPQ utilizes an active management strategy, 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 launched on January 11, 2024. Both ETFs provide investors with exposure to bitcoin's price movements without requiring them to directly hold the underlying asset.

IBIT surpassed $10 billion in total inflows on March 11, 2024, and reached $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, following 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 indicates 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.