BlackRock’s IBIT Surpasses Grayscale’s GBTC as Largest Spot Bitcoin ETF
Inflows to BlackRock’s IBIT have surged recently, following a sluggish period at the end of April. The investment giant now includes IBIT in one of its major funds.
BlackRock’s IBIT has overtaken Grayscale’s GBTC, becoming the largest spot bitcoin ETF in the U.S. On Tuesday, BlackRock added IBIT to its income and bond-focused funds.
After a $102 million inflow on Tuesday, BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) is now the largest of its kind, surpassing Grayscale’s GBTC. As of Wednesday morning, IBIT holds nearly $20 billion worth of bitcoin, according to its product page. In contrast, GBTC holds $19.7 billion after experiencing $105 million in outflows on Tuesday. Since its launch in January, IBIT has attracted $16.5 billion in investments, while Grayscale’s fund has seen $17 billion in withdrawals.
On Tuesday, BlackRock integrated the bitcoin ETF into its income and bond-focused funds for the first quarter. The firm’s Strategic Income Opportunities Fund (BSIIX) now holds over $3.5 million worth of IBIT, and its Strategic Global Bond Fund (MAWIX) holds $485,000.
Buying activity for IBIT has increased recently due to bullish sentiment for bitcoin and the broader crypto market. This momentum followed the approval of ether (ETH) ETFs and renewed political support for crypto in the U.S. This shift in sentiment marked a significant turnaround for IBIT, which had recorded low or zero inflows before May 15 and experienced its first-ever outflow day in April, leading to bearish sentiment.
Last week, U.S.-listed spot bitcoin exchange-traded funds reached a new record with over 850,000 BTC in custody, surpassing the previous high of 845,000 BTC from early April.
