BlackRock Bitcoin ETF Outperformed Grayscale Holdings in Less Than 100 Days

By Hannah Perez

BlackRock’s Bitcoin ETF now holds more BTC than Grayscale. Meanwhile, global Bitcoin ETFs already hold 1 million bitcoins, the equivalent of 5% of the total BTC in circulation.

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BlackRock’s Bitcoin ETF Now Holds More BTC Than Grayscale
BlackRock’s IBIT owns USD $20 billion in Bitcoin
Overtaken Grayscale’s GBTC, formerly a trust, in less than 100 days
Meanwhile, Bitcoin ETFs globally already own 1 million BTC

BlackRock has officially been crowned the manager of an exchange-traded fund (ETF) of Bitcoin with greater amount of bitcoins up its sleeve, even surpassing its established rival Grayscale.

IBIT, the ETF of Bitcoin in cash BlackRockis officially the largest fund of its kind now with holdings at 288,000 bitcoins (BTC) or about USD $20 billion, its website shows. In comparison, GBTC of Grayscale It holds just over 287,000 BTC worth USD $19.5 billion.

The milestone comes after IBIT on Tuesday recorded daily net inflows of just over USD $102 million compared to outflows of USD $105.2 seen by the Grayscale during the session.

Since it went live in January, the ETF Bitcoin of BlackRock has captured total cumulative inflows of USD $16.4 billion, while GBTC has seen high negative flow, with outflows of more than USD $17 billion, according to data provided by Farside Investors.

Unlike IBIT, GBTC was already an existing product before its conversion to a spot ETF in January. It operated as a trust that was offered to traders in the over-the-counter (OTC) market. Grayscale is an investment fund manager focused on digital assets, with a wide offering and experience in the sector.

The new product of BlackRock needed less than 100 trading days to overtake its established rival GBTC in terms of total holdings, as noted by Vetle Lunde, senior analyst at K33Research. “IBIT only needed 96 days to close huge GBTC lead“Lunde said early in a post on x.

**ETFs Bitcoin they now have 5% of the BTC in circulation**

The news comes amid a renewed acceleration of inflows into ETFs. Bitcoin spot in the US On Tuesday, the group recorded its 11th consecutive session of daily net capital inflows of USD $45 million.

This comes after April closed with a negative streak of outflows for ETFs that was preceded by a wave of inflows in March, which on certain days reached a daily record of more than $1 billion in total inflows for the group. .

Coincidentally, the ETF class Bitcoin In global markets this week it reached a record holding of 1 million BTC, valued at USD $68 billion or the equivalent of 5% of the current circulating supply of Bitcoinaccording to data from HODL15Capital. Data includes ETFs Bitcoin from USA, Hong Kong, Europe, Brazil and Canada.

A handful of high-profile entities, including banks, pension funds and even sovereign wealth funds, have been actively investing in the new ETFs. Bitcoin Americans.

BlackRock, the world’s largest asset manager, revealed Tuesday that it added its own ETF to its income- and bond-focused funds during the first quarter. In particular, the The company’s Strategic Income Opportunities Fund (BSIIX) holds more than USD $3.5 million in IBIT, while its Strategic Global Bond Fund (MAWIX) holds USD $485,000.

BTC changes hands around USD $68,000 at the time of publication.

Article by Hannah Estefanía Pérez / DailyBitcoin

Edited image of Unsplash

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