American multinational investment company, bitcoin-news/bitcoin-etf-frenzy-blackrock-smashes-expectations-with-788-million-inflows-in-one-day/” target=”_blank” rel=”noopener nofollow”>Black Rock has surpassed grayscale in total assets under management (AUM) for spot bitcoin exchange-traded funds (ETFs). This milestone means The growing importance of BlackRock in the ETF sectorhighlighting the company's confidence in cryptocurrency-based investments.
BlackRock Spot bitcoin ETF Surpasses $21 Billion
bitcoin/blackrock-largest-bitcoin-fund/” target=”_blank” rel=”noopener nofollow”>iShares bitcoin Trust (IBIT) by BlackRock has exceeded $21.4 billion in assets under management, surpassing Grayscale bitcoin Trust ETF (GBTC) at more than 1.6 billion dollars. This massive rise is attributed to the steady inflows witnessed by BlackRock's Spot bitcoin ETF since the beginning of the year.
After the launch of his bitcoin Spot ETF On January 11, BlackRock recorded millions in daily inflows, witnessing only a few zero entries and even fewer capital outflows in the last five months.
According to Farside data, BlackRock recorded its first capital inflow on January 11 after its launch, accumulating more than $111 million. Since then, the ETF has attracted hundreds of million in ticketsrecording its highest daily inflow of $849 million on March 12, 2024.
Grayscale, on the other hand, has seen more exits than entries since its launch in January. As expected, BlackRock's IBIT has outperformed GBTC, considering Grayscale's Spot bitcoin ETF has recorded a total of $17.5 billion in outflows.
bitcoin-trust” target=”_blank” rel=”noopener nofollow”>Data BlackRock's fund site has revealed that the company's Spot bitcoin ETF has accumulated over 302,536 btc, making up over 1.4% of the total circulating supply of bitcoin. On the contrary, gray scale has gathered approximately 285,105 btc in its trust and currently holds $19.75 billion in assets under management.
Despite experiencing short entries In May, Grayscale continues to face significant capital outflows. The most recent drops occurred on June 6 and 7, with GBTC sees money outflows of 37.6 million dollars and 36.3 million dollars, respectively.
Compared to Grayscale's Spot bitcoin ETF, BlackRock's IBIT has performed extremely well. BlackRock currently charges a 0.25% annual management fee for its Spot bitcoin ETFs, while the Grayscale Spot bitcoin ETF imposes a costly 1.5% fee.
This substantial difference in ETF fees has influenced capital outflows from GBTC since the beginning of the year. Many investors have been moving assets from the Grayscale Spot bitcoin ETF to more profitable options like BlackRock's IBIT.
BlackRock attracts inflows of $945 million in four days
Farside has reported a rapid increase in inflows BlackRock bitcoin Spot ETFwith IBIT recording four consecutive days of entries from Tuesday, June 4 to Friday, June 7.
On June 3, BlackRock's IBIT saw no inflows, while other bitcoin Spot ETFs such as Fidelity Wise Origin bitcoin Fund (FBTC)Bitwise bitcoin ETF (BITB) and ARK 21Shares bitcoin ETF (ARKB) recorded substantial inflows.
Despite starting June with zero inflows, BlackRock has attracted a total of $946 million in inflows over the past four days. The Spot bitcoin ETF received $274 million on June 4 and $155 million on June 5. Furthermore, on June 6 and 7, IBIT recorded inflows of $349.9 million and $168.3 million, respectively.
Featured image from Getty Images, chart from TradingView
