BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken the Grayscale Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF. This major shift occurred after IBIT recorded $102.5 million in inflows, while GBTC saw a $105 million outflow by the end of trading on May 28.
BlackRock’s spot Bitcoin ETF now holds 288,670 Bitcoin, surpassing Grayscale’s 287,450 Bitcoin. This marks a significant decline for Grayscale, which held 620,000 Bitcoin in January. According to HODL15Capital and the Apollo Bitcoin Tracker, BlackRock’s ETF is now the leading fund in the Bitcoin ETF market.
Bloomberg reported on May 29 that BlackRock’s ETF holds $19.68 billion in Bitcoin, just edging out Grayscale’s $19.65 billion. Fidelity’s Bitcoin ETF trails behind with $11.1 billion.
HODL15Capital noted, “There is a new king in the land of Bitcoin ETFs, and it’s BlackRock.”
Launched simultaneously in January, BlackRock’s ETF has quickly dominated the market, attracting the majority of inflows among all 11 spot Bitcoin ETFs.
Recent filings reveal that BlackRock’s income and bond-focused funds have invested heavily in its Bitcoin ETF. The Strategic Income Opportunities Fund (BSIIX) acquired $3.56 million worth of IBIT, while the Strategic Global Bond Fund (MAWIX) purchased $485,000 worth, according to May 28 SEC filings.
Overall, spot Bitcoin ETFs now hold over one million Bitcoin, valued at more than $68 billion, which represents nearly 5.10% of the total Bitcoin circulating supply.
The market is now eagerly anticipating the potential launch of spot Ether ETFs, expected as early as mid-June. These ETFs are currently undergoing the S-1 approval process, the final step before they can be traded on stock exchanges.
This significant development in the Bitcoin ETF market underscores the growing influence of institutional investors and the shifting dynamics within the cryptocurrency investment landscape.