BlackRock’s IBIT, a spot Bitcoin ETF has overtaken Grayscale as the largest Bitcoin fund, with impressive asset growth and net inflows.
BlackRock IBIT has surpassed Grayscale’s GBTC to become the largest Bitcoin fund currently available on the market, a significant achievement.
The reversal of fortune took place on Tuesday, May 28, when the BlackRock IBIT reported receiving more than one hundred million dollars in new investments. Bitcoin’s price has risen by one percent during the past twenty-four hours, breaking beyond the $68,700 threshold.
BlackRock IBIT Holds $20 Billion Worth of Bitcoins
One of the most astounding assets under management (AUM) that BlackRock IBIT has collected is approximately $19.79 billion in just four months. During the same time period, Grayscale’s GBTC Assets Under Management (AUM) has experienced a decrease of around $18 billion, resulting in its current value of $19.75 billion.
BlackRock has managed to surpass Grayscale as the world’s largest Bitcoin spot ETF in terms of assets under management (AUM) due to its quick growth and net outflows. The total net inflows into Bitcoin exchange-traded funds (ETFs) on May 28 amounted to 632 BTC, which is equivalent to $43.3 million.
We recorded Bitcoin ETF inflows yesterday for the eleventh consecutive day. In order to become the largest Bitcoin exchange-traded fund (ETF), BlackRock surpassed Grayscale with an addition of 1,505 bitcoins (equivalent to 102 million dollars).
Fidelity also added 505 BTC, equivalent to $34 million. Grayscale, on the other hand, experienced a net outflow of 1,550 bitcoins to the tune of 105 million dollars. BlackRock also added approximately $4.1 million worth of BlackRock IBIT shares to its two other funds, which is another fascinating development that occurred.
BlackRock added $3.6 million worth of IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX), according to the document that was submitted to the SEC on Tuesday.
ETFs Alone Control 5% of Total BTC Supply
Institutional investors have significantly backed Bitcoin exchange-traded funds (ETFs), which are currently trading globally and account for five percent of the total supply of Bitcoin. ETFs that invest in spot Bitcoin currently control close to five percent of the entire 21 million coin supply.
Dune, a blockchain analytics platform, has provided information that indicates that U.S. Spot Bitcoin exchange-traded funds (ETFs) jointly possess around 842,000 BTC, which is worth approximately $57.2 billion.
This accounts for 4.27 percent of the total supply of bitcoin. Michael Saylor, the co-founder and former CEO of MicroStrategy, posted a screenshot on X (formerly known as Twitter) showing that Bitcoin exchange-traded fund (ETF) issuers worldwide own about 1,002,343 BTC.
Despite the fact that Bitcoin’s price has been exhibiting a slight upward movement, it is still trading below the critical resistance level known as $70,000. There is evidence that suggests a bullish move is on the horizon for Bitcoin on-chain data.