BlackRock to Overtake Grayscale Amid Eight-Day Bitcoin ETF Entry
While the crypto community eagerly awaits the approval of spot Ethereum ETFs, institutional investors are intensifying their participation in Bitcoin ETFs. US spot Bitcoin ETFs have seen outflows for eight consecutive days as of Wednesday, May 22.
BlackRock Will Leave Grayscale Behind
On May 22, net inflows for the Bitcoin spot ETF reached $154 million, according to data from Farside Investors, continuing a streak of net inflows for eight consecutive days.
However, on Wednesday, Grayscale ETF GBTC experienced an outflow of $16.0914 million, while BlackRock ETF IBIT recorded a single-day inflow of $91.9527 million. Additionally, Fidelity ETF FBTC saw inflows of $74.572 million on the same day.
With this development, BlackRock is on the verge of overtaking GBTC as the largest Bitcoin ETF with the most assets under management. On the other hand, Bitcoin ETFs have reached another milestone as they have accumulated more than 850,000 Bitcoins so far. Similarly, global ETFs are close to accumulating more than 1 million BTC.
Increasing Demand for Bitcoin ETFs Worldwide???????? Bitcoin ETFs hit record high with 850,000 BTC held today
Global ETFs approach 1 million Bitcoins ????
— HODL15Capital ???????? (@HODL15Capital) May 23, 2024
On Wednesday, May 22, leading global asset manager WisdomTree reached a notable milestone in the cryptocurrency investing space. The company announced that it has received authorization from the UK Financial Conduct Authority (FCA) to introduce Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).
Bloomberg strategist Eric Balchunas noted that while the news is true, only physically backed Bitcoin ETFs are allowed, and two from WisdomTree will initially begin trading. Additionally, the retail ban remains in effect, underscoring the regulatory nuances surrounding these investment products.
According to Glassnode analytics, the Bitcoin market has gone through a period of calm after months of significant distribution pressure. Despite modest capital inflows, the decline in sales activity and reduction in volatility indicate the potential for significant change in the market in the near future.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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