Bitcoin Stays Above $100,000 for 40+ Days While BlackRock’s ETF Breaks Another Record!

For over 40 days, Bitcoin managed to stay above $100,000. 

That’s a first and a big milestone for Bitcoin, showing how incredibly resilient the digital currency has become even (or especially) during times of geopolitical conflict. 

That resiliency might be the reason more and more nations are considering Bitcoin as a strategic reserve asset. This month, we heard from Ukraine and Brazil, which have bills in place to vote on potential reserves in the future. 

Last but definitely not least, BlackRock’s spot Bitcoin ETF reached yet another milestone by being the fastest-growing ETF to reach $70 billion in assets under management in just 341 days. 

As you can see, we have loads to talk about! 

Bitcoin Stays Above $100,000 for 40+ Days

Despite the escalating conflict in the Middle East, for the first time in history, Bitcoin managed to stay above $100,000 for over 40 days. 

While some people on Wall Street may consider Bitcoin a risk-on asset because the digital currency occasionally correlates with tech stocks, most Bitcoiners who’ve been around for a while know that it can also act as a safe-haven asset during challenging geopolitical times. 

Last September, BlackRock released a report about Bitcoin’s appeal to investors. In it, they cover several aspects of why investors take a closer look at Bitcoin. 

Interestingly, geopolitical and economic uncertainties are some of the key drivers behind Bitcoin buying, according to BlackRock. 

On page six of said report, you’ll find the table I shared above. In it, BlackRock compares Bitcoin to the S&P 500 and Gold with two timeframes of 10 and 60 days. 

As you can see in the data, in all previous geopolitical events, Bitcoin has often been the best-performing asset in both timeframes, with a few exceptions, such as the COVID-19 outbreak and the Russia-Ukraine conflict. 

It looks even better when considering the 60-day timeframe, where Bitcoin is the clear winner, with double or even triple-digit returns in 5 out of 6 events. 

But BlackRock is not the only one with such interesting data. 

André Dragosch, European Head of Research at Bitwise, has also recently shared his take on X, with the accompanying image above. 

He examined all the global geopolitical events since Bitcoin’s inception and stated that it has a median positive performance of 17.5%. If you look at 50 days past any event, the average value increase is much higher, at 64.4%. 

While the past is never an indicator of the future, I find reports like these fascinating, as tensions around the world are sure to continue, I look forward to what we can learn from the data. 

Brazil and Ukraine Might Be the Next Nations to Establish Strategic Bitcoin Reserves 🇧🇷🇺🇦

Next to Bitcoin treasury companies, which I wrote about in my last issue, nation-state Bitcoin adoption has been a big story in 2025. 

The U.S. and the Czech Republic are working diligently to develop legislation that enables a strategic Bitcoin reserve. 

However, this month, we also saw two more nations step into the spotlight with legislation surrounding the topic. 

Brazil and Ukraine both have bills pending before their respective chambers or parliaments to vote on the matter at hand. However, each country has a distinct approach to achieving this goal. 

Ukraine already owns a significant amount of Bitcoin, 46,351 to be exact!  

Yaroslav Zheleznyak, the first deputy chairman of the Committee on Finance, Tax and Customs Policy, has now proposed a bill to offer the National Bank the possibility to create a dedicated reserve. 

He described the bill as a step to integrate Ukraine into global financial innovations in a Telegram post earlier last week. Depending on how fast parliament moves now, we could see the establishment of this reserve in a couple of months. 

The second nation to enter the arena is Brazil. 

The largest economy in South America could become the first G20 nation to allocate up to 5% of its $370 billion international reserves into Bitcoin. 

To accomplish this, the Chamber of Deputies is currently considering the Bill PL 4501/2024. Once it is approved, the Central Bank and the Ministry of Finance will be able to establish a strategic Bitcoin reserve. 

5% of $370 billion is approximately $18.5 billion, or roughly 173,552 BTC, as of the time of writing. 

If Brazil were to establish the reserve and buy that much Bitcoin, it would be close to the U.S., with 190,109 BTC, and China, with 194,000 BTC. Both nations are on the brink of establishing a Bitcoin reserve, which could spark further reactions from other countries. 

Blackrock’s Spot Bitcoin ETF Surpasses $70 Billion in AUM in Record Time! 💪

Another month has passed, and BlackRock can report yet another record for its spot Bitcoin ETF! 

The IBIT-ETF has become the fastest ETF in history to reach over $70 billion in assets under management in just 341 days!  

Just reading this might sound blunt, but when compared to other funds, such as the Gold Shares (GLD) fund, which took 1,691 days, or the tokenized Vanguard S&P 500 fund (VOO), with 1,701 days, that performance is truly remarkable. 

BlackRock currently holds 671,794.9 BTC and has become one of the largest holders of Bitcoin, and by far the largest institutional holder. 

The interest in spot Bitcoin ETFs is not slowing down, as they recorded another net inflow streak of six straight days at the time of writing this.

Since its launch, IBIT has also outperformed all other spot Bitcoin ETFs according to Farside data with $48.7 billion in net inflows. In total, all spot Bitcoin ETFs hold over $132.05 billion in assets under management. 

What a time to be alive! 😎

Your fellow stacker in Sats, 

Patrick Lowry

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.