The Grayscale Bitcoin Trust (GBTC) dethroned by the iShares Bitcoin Trust (IBIT)

Since its launch in the United States last January, BlackRock's spot Bitcoin ETF has accumulated nearly $20 billion under management, becoming the undisputed leader in this market.

According to available data, BlackRock's iShares Bitcoin Trust holds nearly $19.68 billion worth of Bitcoin (BTC), surpassing the Grayscale Bitcoin Trust which tops out at around $19.65 billion. The 3rd largest player in the spot Bitcoin ETF market is still Fidelity Investments, with $11.1 billion under management.

Thus, this new Bitcoin spot ETF, launched only 5 months ago by BlackRock, now holds more Bitcoin under management than Grayscale's GBTC, even though it is 10 years old.

👉 Learn More – Spot Bitcoin ETFs Explained: Everything You Need to Know

The spot Bitcoin ETFs from BlackRock and Fidelity, launched on January 11 alongside 8 other competitors including Grayscale with the conversion of its Bitcoin Trust into an ETF, marked a turning point for the cryptocurrency market.

These new financial products open access to Bitcoin to a wider range of investors. Their arrival contributed to the rise in the price of BTC which reached an all-time high last March at $73,800.

BlackRock's iShares Bitcoin Trust saw the largest inflows since its launch, with $16.5 billion. Conversely, investors withdrew $17.7 billion from the Grayscale fund over the same period. Higher fees and a lack of accurate arbitrage could be driving factors in these withdrawals.#ETHETFsApproved #btc70k #Megadrop #BinanceSquareFamily