BlackRock just hit a milestone nobody saw coming this fast. Their Bitcoin spot ETF, $IBIT, is now pulling in more revenue than any other product in their lineup. We're talking $245 million in annual fees. That's not pocket change, even for a giant managing trillions.

Think about what this means. A product that didn't exist a year ago is now their top earner. Traditional finance said Bitcoin was too risky, too volatile. Now? They can't get enough of those management fees. $IBIT isn't just performing well—it's rewriting the playbook for how institutional money flows into crypto.

The fee structure here tells you everything. When a major asset manager sees this kind of revenue from a single ETF, it signals where the real demand is coming from. Institutional players, pension funds, advisors who wouldn't touch crypto before—they're all piling in through the front door now.

This shift happened faster than most analysts predicted. And if one Bitcoin ETF can become BlackRock's cash cow this quickly, what happens when more traditional products start underperforming in comparison?