New Largest Bitcoin ETF Fund: Did BlackRock Surpass Grayscale?
Did BlackRock surpass Grayscale to become the largest Bitcoin ETF fund? What happened?
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In a significant development within the cryptocurrency market, BlackRock’s spot Bitcoin ETF, IBIT, has outpaced Grayscale's GBTC to become the largest Bitcoin fund. This achievement is pivotal for the industry, reflecting growing institutional interest and investment in Bitcoin ETFs. But how long will it last?
BlackRock's Historic Milestone
On May 28, BlackRock's Bitcoin ETF saw inflows exceeding $100 million, indicating a major shift in the market. As of this writing, Bitcoin is trading at $67,840, a slight decline of 0.92% over the past 24 hours.
Did BlackRock surpass Grayscale?
BlackRock’s spot Bitcoin ETF ($IBIT) has shown remarkable growth, reaching an approximate assets under management (AUM) of $19.79 billion within just four months. In contrast, Grayscale’s GBTC AUM has dropped to about $19.75 billion, following significant net withdrawals.
The surge in BlackRock’s AUM, combined with Grayscale's declining holdings, has propelled BlackRock to the forefront of the Bitcoin ETF market. On May 28 alone, Bitcoin ETFs recorded net inflows of 632 BTC, equivalent to $43.3 million. BlackRock led the way with an addition of 1,505 BTC ($102 million), while Fidelity also saw an increase of 505 BTC ($34 million). Conversely, Grayscale experienced outflows of 1,550 BTC ($105 million).
BlackRock has further bolstered its IBIT holdings by approximately $4.1 million. On Tuesday, the firm disclosed in an SEC filing that it had added $3.6 million and $486,000 worth of IBIT shares to its BlackRock Strategic Income Opportunities (BSIIX) and BlackRock Strategic Global Bond Fund (MAWIX), respectively.
However, at the moment of writing, Grayscale's GBTC remains the largest Bitcoin ETFs, leaving behind BlackRock IBIT again. GBTC AUM reached $20 billion versus $19.79 billion, that of IBIT. Is there something missing here?
Currently, exchange-traded funds (ETFs) globally hold 5% of the total Bitcoin supply, underscoring the increasing institutional adoption of cryptocurrency investments. And within these 5% holdings, the #1 spot will remain with Grayscale, for now!
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