Crypto:
30188
Bitcoin:
$69.932
% 4.59
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.932
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

BlackRock Surpasses Grayscale as Largest Spot Bitcoin ETF

Blackrock, Etf, Ibit, Bitcoin Etf

BlackRock‘s IBIT has overtaken Grayscale’s GBTC, becoming the largest spot bitcoin ETF in the U.S. Recent inflows have significantly increased after a lackluster performance at the end of April. On Tuesday, BlackRock included IBIT in its income and bond-focused funds.

After a substantial $102 million inflow on Tuesday, BlackRock’s spot bitcoin ETF now holds nearly $20 billion worth of bitcoin as of Wednesday morning. In contrast, Grayscale’s GBTC holds $19.7 billion following $105 million in outflows on Tuesday.

BlackRock integrated the bitcoin ETF into its Strategic Income Opportunities Fund (BSIIX), which now holds over $3.5 million worth of IBIT, and its Strategic Global Bond Fund (MAWIX), which holds $485,000 worth of IBIT.

The recent increase in buying activity for IBIT is driven by bullish sentiment for bitcoin and the broader crypto market. This momentum follows the approval of ether (ETH) ETFs and renewed support for crypto among U.S. political parties, reversing the previous bearish sentiment caused by low inflows and the first-ever day of outflows in April.

Last week, U.S.-listed spot bitcoin exchange-traded funds set a new record with more than 850,000 BTC in custody, surpassing the previous high of 845,000 BTC from early April.


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