Bitrabo Editorial
BlackRock, a major investment company, has surpassed Grayscale in Assets Under Management (AUM) for Spot Bitcoin Exchange Traded Funds (ETFs), indicating its strong position in the ETF sector and confidence in crypto investments.
BlackRock’s Spot Bitcoin ETF Surpasses $21 Billion
BlackRock’s iShares Bitcoin Trust (IBIT) has reached over $21.4 billion in assets under management, outperforming Grayscale’s Bitcoin Trust ETF (GBTC) by $1.6 billion. The consistent inflows since the ETF’s launch in January have contributed to this significant growth.
Since its launch, the Spot Bitcoin ETF by BlackRock has seen daily inflows, with only a few days of zero inflows and minimal outflows over the last five months.
Data from Farside shows that BlackRock had inflows totaling $111 million on its launch day, with a peak daily inflow of $849 million on March 12, 2024. On the other hand, Grayscale’s GBTC has experienced outflows, reaching $17.5 billion in total.
BlackRock’s Spot Bitcoin ETF holds over 302,536 BTC, equivalent to 1.4% of Bitcoin’s circulating supply, while Grayscale has accumulated around 285,105 BTC with $19.75 billion in AUM.
Despite brief inflows in May, Grayscale continues to face significant outflows, with recent withdrawals of $37.6 million and $36.3 million on June 6 and 7, respectively.
Compared to Grayscale’s ETF, BlackRock’s IBIT has been performing well, thanks to its lower annual management fee of 0.25% compared to Grayscale’s 1.5%.
Investors have been favoring BlackRock’s IBIT over GBTC due to the substantial difference in fees, resulting in asset transfers from Grayscale to BlackRock.
BlackRock Receives $945 Million Inflows in Four Days
BlackRock’s IBIT saw four consecutive days of inflows from June 4 to June 7, following a day of zero inflows on June 3, while other Bitcoin ETFs like FBTC, BITB, and ARKB recorded significant inflows.
Despite starting June with zero flows, BlackRock attracted $946 million in inflows over the next four days, with $274 million on June 4, $155 million on June 5, and $349.9 million and $168.3 million on June 6 and 7, respectively.
Featured image from Getty Images, chart from TradingView