BlackRock’s IBIT Becomes the Largest Bitcoin Fund Surpassing Grayscale
In a significant milestone, BlackRock’s spot Bitcoin ETF IBIT has emerged as the largest Bitcoin fund in the market, surpassing Grayscale’s GBTC. This reversal occurred on Tuesday, May 28, when the BlackRock Bitcoin ETF recorded inflows of more than $100 million. Bitcoin price increased by 1% in the last 24 hours, rising above $ 68,700.
BlackRock Holds ~$20 Billion Worth of Bitcoin
BlackRock’s spot Bitcoin ETF ($IBIT) has raised an impressive AUM of approximately $19.79 billion in just four months. Meanwhile, Grayscale’s GBTC AUM is down ~$18 billion over the same period, currently sitting at $19.75 billion.
With this rapid growth and Grayscale’s net outflows, BlackRock has managed to surpass Grayscale as the world’s largest Bitcoin spot ETF by AUM.
On May 28, Bitcoin ETFs saw total net inflows of 632 BTC, equivalent to $43.3 million. It was the eleventh consecutive day of Bitcoin ETF inflows. BlackRock overtook Grayscale to become the largest Bitcoin ETF with the addition of 1,505 BTC ($102 million). Fidelity also saw an increase, adding 505 BTC ($34 million). In comparison, Grayscale experienced a net outflow of 1,550 BTC ($105 million).
In another interesting development, BlackRock also added IBIT shares worth approximately $4.1 million to its other two funds. BlackRock added $3.6 million of IBIT stock to the BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 of IBIT stock to the BlackRock Strategic Global Bond Fund (MAWIX), according to an SEC filing on Tuesday.
ETFs Alone Control 5% of Total BTC Supply
Following strong support from institutional investors, Bitcoin ETF funds traded globally now cover 5% of the total Bitcoin supply.
Spot Bitcoin ETFs now hold approximately 5% of Bitcoin’s total supply of 21 million coins. According to data from blockchain analysis platform Dune, US Spot BTC ETFs collectively hold approximately 842,000 BTC worth approximately $57.2 billion.
This accounts for 4.27% of the current BTC supply. As shared in a screenshot from MicroStrategy co-founder and former CEO Michael Saylor on X (formerly Twitter), BTC ETF issuers around the world hold approximately 1,002,343 BTC.
BTC price is showing a slight increase but it continues to trade below the critical $70,000 resistance. Some of BTC’s on-chain data indicates that the upward trend will continue.
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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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