- Blackrock’s spot Bitcoin ETF has unlocked a new milestone.
- The development comes after the fund attracted millions of inflows on Tuesday.
- In the meantime, BTC is trading above $67K.
Blackrock’s iShares Bitcoin Trust (IBIT) has reportedly dethroned Grayscale’s GBTC as the world’s largest spot exchange-traded fund tracking BTC ’s price.
On May 28, IBIT witnessed a relatively successful trading day, amassing $102.5 million in inflows while the converted GBTC fund continued to hemorrhage millions. The fund bled $105.2 million on Tuesday, its second-largest outflow of the month.
IBIT Becomes the World’s Largest Bitcoin ETF
According to a May 29 Bloomberg report citing its own compiled data, Blackrock’s IBIT held $19.68 billion worth of BTC on Tuesday, against Grayscale GBTC’s $19.65 billion in total assets.
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This positions IBIT as the world’s largest Bitcoin fund, followed by GBTC and Fidelity’s $11.1 billion FBTC, the report said.
A spot check on comparison data from HODL15Capital and the Apollo Bitcoin Tracker winds up in the same analysis. IBIT held $19.8B (288,670 BTC) against GBTC’s $19.7B (287,450 BTC) as of May 29, while FBTC, ARKB, and BITB held ($11.1B) 162,041 BTC, ($3.3B) 48,563 BTC, and ($2.4B) 36,233 BTC, respectively, the data shows.
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In terms of performance since its launch in January, of all the spot Bitcoin ETFs , IBIT has attracted the greatest inflow, amassing $16.5 billion. This is a sharp contrast to the $17.7 billion worth of Bitcoin investors pulled from GBTC during the same period.
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As for Bitcoin, the crypto asset has quadrupled since the bear market of 2022, thanks to the ETFs. BTC gained 8.7% in the last month to trade at $67,692 as of press time, CoinMarketCap data shows.
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