BlackRock’s IBIT Becomes Top Spot Bitcoin ETF, Surpassing Grayscale’s GBTC – Blockonomi


Bitcoin
exchange-traded
funds
(ETFs)
has
witnessed
a
shift
as
BlackRock’s
iShares
Bitcoin
Trust
(IBIT)
overtook
Grayscale’s
Bitcoin
Trust
(GBTC)
to
become
the
largest
spot
Bitcoin
ETF.
This
milestone
occurred
on
May
28,
2024,
when
IBIT
recorded
inflows
of
over
$102
million,
while
GBTC
experienced
an
outflow
of
$105
million.

TLDR

As
of
the
end
of
trading
on
that
day,
IBIT
held
288,670
Bitcoin,
valued
at
approximately
$19.68
billion.
In
comparison,
GBTC
now
holds
287,450
Bitcoin,
worth
around
$19.65
billion.

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This
shift
in
dominance
is
particularly
noteworthy
considering
that
GBTC
started
with
620,000
Bitcoin
at
the
time
of
its
conversion
in
January.

BlackRock’s
success
can
be
attributed
to
its
lower
fees
compared
to
Grayscale.
While
GBTC
charges
a
1.5%
fee,
IBIT
offers
a
more
competitive
0.25%
fee,
making
it
more
attractive
to
investors.

This
difference
in
fees
has
led
to
a
significant
outflow
of
investors
from
GBTC,
favoring
BlackRock’s
offering.

The
growing
interest
in
Bitcoin
ETFs
is
not
limited
to
IBIT.
Recent
regulatory
filings
reveal
that
BlackRock
has
also
added
IBIT
shares
to
its
Strategic
Income
Opportunities
Fund
(BSIIX)
and
Strategic
Global
Bond
Fund
(MAWIX).
BSIIX
purchased
$3.56
million
worth
of
IBIT
shares,
while
MAWIX
bought
$485,000
worth
of
shares.

The
impact
of
spot
Bitcoin
ETFs
on
the
overall
Bitcoin
market
is
substantial.

Globally,
these
ETFs
now
hold
over
one
million
Bitcoin,
accounting
for
nearly
5.10%
of
the
total
circulating
supply.
This
significant
holding
demonstrates
the
increasing
institutional
interest
in
Bitcoin
and
the
growing
acceptance
of
ETFs
as
a
means
of
investing
in
the
cryptocurrency.

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Looking
ahead,
the
market
is
eagerly
anticipating

the
launch
of
spot
Ether
ETFs,
which
analysts
believe
could
happen
as
early
as
mid-June.

These
ETFs
are
currently
undergoing
the
S-1
approval
process,
the
final
hurdle
before
they
can
begin
trading
on
their
respective
stock
exchanges.

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Author: Oliver Dale


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