BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale

BlackRock’s IBIT overtakes Grayscale’s GBTC to become the largest spot bitcoin ETF in the US

The investment giant added IBIT to its income and bond-focused funds on Tuesday.

BlackRock’s spot bitcoin {{BTC}} exchange-traded fund (ETF) has now become the largest product of its kind, outperforming Grayscale’s GBTC following a $102 million inflow on Tuesday.

The product page shows IBIT owns approximately $20 billion worth of Bitcoin as of Wednesday morning. On GBTC’s page, it has $19.7 billion left on hand after seeing an outflow of $105 million on Tuesday.

BlackRock on Tuesday added the Bitcoin ETF to its income and bond-focused funds in the first quarter. The firm’s Strategic Income Opportunities Fund (BSIIX) has $3.5 million worth of IBIT, while the Strategic Global Bond Fund (MAWIX) has $485,000.

Buying activity for IBIT has increased recently amid a bullish trend for Bitcoin and the broader crypto market. Bulls gained momentum following the approval of the listing of Ethereum (ETH) ETFs and renewed support for crypto among political parties in the US.

This marked a sudden change in IBIT, which recorded low or even zero inflows before May 15 and saw its first day of outflows in April, leading to a downward trend.

Bitcoin ETF Flow (million USD) – 2024-05-28

TOTAL NET FLOW: 45
(Temporary data)

IBIT: 102.5
FBTC: 34.3
ICT: 3.3
ARKB: 4.1
BTCO: 3.4
EZBC: 0
BRRR: 1.2
STANDBY: 0
BTCW: 1.4
GBTC: -105.2
DEFI: 0

For full data and disclaimers, visit: https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) May 29, 2024

Last week, U.S.-listed spot bitcoin exchange-traded funds reached a new record by holding more than 850,000 BTC in custody, surpassing the previous high of 845,000 BTC in early April.