BlackRocks Bitcoin ETF Flips GBTC To Become The Largest Spot Bitcoin ETF After $102M In Inflows
BlackRocks spot Bitcoin exchange-traded fund (ETF) has overtaken the Grayscale Bitcoin Trust (GBTC) as the worlds largest ETF tracking BTCs price performance after registering over $100 million in inflows in Tuesdays trading session.
IBIT Steals Biggest ETF Crown From Grayscale
BlackRocks Bitcoin exchange-traded fund now holds more Bitcoin than its close rival, the Grayscale Bitcoin Trust.
When U.S. markets closed on May 28, the iShares Bitcoin Trust (IBIT) had 288,671 BTC compared to GBTCs 287,454. According to Coinglass, the flippening occurred after IBIT witnessed $102 million worth of inflows on Tuesday while GBTC bled $105 million in investors funds.
Per a Wednesday report from Bloomberg, IBIT now holds $19.68 billion worth of Bitcoin, outshining GBTC, which holds $19.65 billion in BTC. Fidelitys ETF product held the third spot with $11.1 billion.
All 11 US spot Bitcoin ETFs logged a net inflow of roughly $45 million on Tuesday, marking the funds 11th consecutive day of positive flows the longest streak of inflows since February.
BlackRock becoming the new king in the land of Bitcoin ETFs comes nearly five months after the spot BTC offerings commenced trading on U.S. exchanges after securing the SECs landmark approval on January 10, 2024. The management fee structure has played a key role in IBITs shift. Grayscales GBTC exorbitant 1.5% fee has pushed investors towards funds with much lower fees, such as IBIT.
ETFs Control 5% Of Total BTC Supply
Spot Bitcoin ETF buying activity increased recently amidst positive sentiment for BTC and the wider cryptocurrency industry. The bulls regained momentum following the Securities and Exchange Commissions approval of spot Ethereum (ETH) ETFs and growing support for crypto among U.S. presidential candidates.
May 28 regulatory filings indicate that BlackRock has invested in IBIT via other funds. The BlackRock Strategic Income Opportunities Fund and the Strategic Global Bond Fund snapped up $3.56 million and $485,000 worth of shares of IBIT, respectively.
Amid strong institutional support, spot Bitcoin ETF funds trading globally recently reached a significant milestone: They now control over 1 million BTC, which, as ZyCrypto previously reported, represents 5% of the total Bitcoin supply.
Text source: ZyCrypto
