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BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale
Inflows to IBIT have picked up recently after a dismal few weeks at the end of April. BlackRock now holds the ETF in one of its major funds.
BlackRockâs IBIT has surpassed Grayscaleâs GBTC, becoming the largest spot bitcoin ETF in the U.S.
The investment giant added IBIT to its income and bond-focused funds on Tuesday.
BlackRockâs spot bitcoin (BTC) exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale's GBTC after a $102 million inflow on Tuesday.
IBIT holds nearly $20 billion worth of bitcoin as of Wednesday morning, its product page shows. GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday, its page shows. Since going live in January, investors have poured in $16.5 billion to IBIT and have withdrawn $17 billion from the Grayscale fund.
On Tuesday, BlackRock added the bitcoin ETF to its income and bond-focused funds in the first quarter. The firmâs Strategic Income Opportunities Fund (BSIIX) holds over $3.5 million worth of IBIT, while its Strategic Global Bond Fund (MAWIX) holds $485,000.
Buying activity for IBIT ramped up recently amid bullish sentiment for bitcoin and the broader crypto market. The bulls gained momentum after the listing approval for ether (ETH) ETFs and renewed support for crypto among U.S. political parties.
That helped mark a sudden shift in IBIT, which recorded low or even zero inflows before May 15 and saw its first-ever day of outflows in April, leading to bearish sentiment.
Last week, U.S.-listed spot bitcoin exchange-traded funds reached a new record by holdings with more than 850,000 BTC in custody, surpassing the previous high of 845,000 BTC from early April
đ Hot Dog Devotion: Pumping a Meme Coin, One Bite at a Time
đ€ Joe, a dedicated crypto trader, is eating a Costco hot dog every day until the Solana meme coin, Costco Hot Dog ($COST), hits $1.50. Inspired by the iconic price of the hot dog combo, Joe is now the unofficial mascot for the meme coin community. https://tr.ee/O71-OYSfCe
đ "Everyoneâs really concerned with my health, but itâs really not that bad," Joe said. He's 46 days into his hot dog diet and determined to see the coin reach price parity.
đž The token surged in popularity, though itâs still trading at $0.036. Joe only owns $3,000 worth but feels the pressure to keep munching for the community.
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