In a significant development in the cryptocurrency market, BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Grayscale’s Bitcoin Trust (GBTC) as the world’s largest spot Bitcoin ETF. This milestone was reached following substantial inflows into IBIT, which now holds 288,670 Bitcoin compared to GBTC’s 287,450 Bitcoin .
BlackRock’s IBIT ETF recorded a remarkable $102.5 million inflow, bringing its total assets under management to $19.68 billion. In contrast, GBTC experienced a $105 million outflow, reducing its holdings to $19.65 billion. This shift in market leadership underscores the growing investor preference for IBIT, attributed to its lower fees and robust performance since its launch .
The broader Bitcoin ETF market also witnessed significant activity, with cumulative net inflows reaching $13.7 billion across various ETFs. Fidelity’s FBTC ETF and other notable players like Ark Invest and Bitwise have also seen positive inflows, highlighting the increasing institutional interest in Bitcoin as an asset class .
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.