BlackRock’s IBIT closes Grayscale as world’s largest Bitcoin ETF after 69 days of inflows

BlackRock’s IBIT ETF has recorded inflows for 69 consecutive days, closing in on Grayscale’s GBTC to become the world’s largest spot Bitcoin exchange-traded fund (ETF).

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

but GBTC (Grayscale Bitcoin Trust) has experienced net outflows of $16 billion since January. With continued inflows from IBIT and continued outflows from GBTC, the gap between the two funds has now narrowed to $2 billion.

The iShares Bitcoin ETF is now worth just $2 billion less than the Grayscale Bitcoin Trust…

IBIT has seen inflows for 68 consecutive days.

GBTC has been outflowing for 68 consecutive days.

How quickly this happened.

through @kgreifeld pic.twitter.com/aG5uOVfM4V

— Nate Geraci (@NateGeraci) April 19, 2024

As GBTC loses hegemony, Fidelity and BlackRock gain momentum.

GBTC’s supremacy in the Bitcoin ETF market is shrinking, while competitors BlackRock and Fidelity are rapidly increasing their market share. Over the past week, $89.9 million has left GBTC with Fidelity. black stone During the same period, net inflows of $37.7 million and $18.7 million were recorded, respectively.

This trend continued until the end of last week. IBIT reportedly took in just under $30 million on April 19, while Fidelity’s fund took in nearly $55 million. farside data.

GBTC’s woes continued on the day, with $45.8 million leaving the fund, still lower than the $154.9 million recorded the previous day.

And Bloomberg ETF analyst Eric Balchunas sees huge potential for IBIT’s future.

“IBIT currently reports about 60 holders, but it represents only 0.4% of the total shares,” he said. post This shows that although investors are slowly investing in these funds, there are still many potential investors who can purchase Bitcoin ETFs, Balchunas added.

Related articles:

99Bitcoins (99BTC) – Learn how to earn new tokens

• Audited with solid evidence
• Established brand – founded in 2013
• Free Airdrop – Win $99,999 worth of prizes
• Learn How to Make Money – Get paid to complete your trading course
• YouTube Community of 700,000+