BlackRock's IBIT Closes on Grayscale as World's Largest Bitcoin ETF After 69 Days of Inflows

BlackRock's IBIT ETF is closing in on Grayscale's GBTC to become the world's largest spot bitcoin ETF after recording inflows for 69 consecutive days.

Since its launch at the beginning of the year, IBIT ((iShares bitcoin Trust) has not recorded a single day of outflows.

But GBTC (Grayscale bitcoin Trust) has suffered a net outflow of $16 billion since January. Continued inflows from IBIT and persistent outflows from GBTC have narrowed the gap between the two funds to $2 billion.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.969696969697″>

The iShares bitcoin ETF is now just $2 billion behind the Grayscale bitcoin Trust…

68 days in a row of IBIT entries.

68 days in a row of GBTC departures.

It's amazing how quickly this happened.

through twitter.com/kgreifeld?ref_src=twsrc%5Etfw”>@kgreifeld pic.twitter.com/aG5uOVfM4V

– Nate Geraci (@NateGeraci) twitter.com/NateGeraci/status/1781408488700211301?ref_src=twsrc%5Etfw”>April 19, 2024

Fidelity and BlackRock gain momentum as GBTC loses supremacy

GBTC's supremacy in the bitcoin ETF market has been declining, while competitors BlackRock and Fidelity are increasing their market shares at a rapid pace. Over the last week, $89.9 million left GBTC as Fidelity and Black Rock they experienced respective net inflows of $37.7 million and $18.7 million during the same period.

This trend continued at the end of last week. IBIT received just under $30 million on April 19, while Fidelity's fund saw inflows of nearly $55 million, according to far side data.

<img decoding="async" alt="bitcoin ETFs Explained: What Are They and How Do They Work? – Unchained” src=”https://technicalterrence.com/wp-content/uploads/2024/04/BlackRock39s-IBIT-Closes-on-Grayscale-as-World39s-Largest-Bitcoin-ETF”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-etfs.jpg”/>bitcoin-etfs.jpg” alt=”bitcoin ETFs Explained: What Are They and How Do They Work? – Unchained”/>

GBTC's woes continued that day, as $45.8 million left the fund, still below the $154.9 million outflows it recorded the previous day.

And Bloomberg ETF analyst Eric Balchunas sees huge potential ahead for IBIT.

“IBIT now has around 60 reported holders, but they only represent a minuscule 0.4% of the total shares,” he said in a twitter.com/EricBalchunas/status/1781060849056063728″>mail at x. This shows that while investors are slowly investing in these funds, there is still a large group of potential investors who could still buy bitcoin ETFs, Balchunas added.

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