đ„BlackRock Becomes Worldâs Largest Bitcoin ETF, Surpassing Grayscale with $19.68 Billion in Bitcoinđ€
In a major crypto market shift, BlackRockâs iShares Bitcoin Trust (IBIT) has overtaken Grayscale Bitcoin Trust (GBTC) to become the world's largest spot Bitcoin ETF.
Recent data from SoSoValue reveals that IBIT now holds $19.68 billion in Bitcoin, edging out GBTCâs $19.65 billion.
This milestone comes nearly five months after spot Bitcoin ETFs were approved, marking a significant development in crypto-financial products. Grayscale's higher fee of 1.5% for GBTC compared to BlackRockâs 0.2% for IBIT drove investors towards the cheaper option.
"Grayscale held 620,000 BTC in January 2024, over 3% of the circulating supply, but kept its 1.5% fee even after losing 330,000+ BTC," noted HODL15Capital.
BlackRockâs success underscores growing institutional interest in Bitcoin and the competitive ETF market. While GBTC saw its largest single-day outflow of $105 million in 18 trading days, the Bitcoin ETF sector enjoyed a net inflow of $45.14 million on May 28, 2024, continuing an 11-day streak of net inflows.
BlackRock also boosted IBIT through investments from its income and bond-focused funds. The BlackRock Strategic Income Opportunities Fund (BSIIX) and the Strategic Global Bond Fund (MAWIX) bought IBIT shares worth $3.56 million and $485,000, respectively.
Bitcoin ETFs collectively now hold over 1 million BTC, nearly 5% of the total Bitcoin supply, demonstrating the significant impact of ETFs on the Bitcoin market. The US leads in Bitcoin inflows, with $1.03 billion last week, while Germany and Switzerland also saw substantial inflows.
Despite volatile prices, digital asset investment products have seen inflows for three consecutive weeks, totaling $1.05 billion. This surge pushed the total value of digital asset ETPs close to $98.5 billion, according to CoinShares data.
They are coming for your Bitcoin!
