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BlackRock’s Bitcoin ETF Flips GBTC To Become The Largest Spot Bitcoin ETF After $102M In Inflows ⋆ ZyCrypto
The post BlackRock’s Bitcoin ETF Flips GBTC To Become The Largest Spot Bitcoin ETF After $102M In Inflows ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     BlackRock’s spot Bitcoin exchange-traded fund (ETF) has overtaken the Grayscale Bitcoin Trust (GBTC) as the world’s largest ETF tracking BTC’s price performance after registering over $100 million in inflows in Tuesday’s trading session. IBIT Steals Biggest ETF Crown From Grayscale BlackRock’s Bitcoin exchange-traded fund now holds more Bitcoin than its close rival, the Grayscale Bitcoin Trust. When U.S. markets closed on May 28, the iShares Bitcoin Trust (IBIT) had 288,671 BTC compared to GBTC’s 287,454. According to Coinglass, the flippening occurred after IBIT witnessed $102 million worth of inflows on Tuesday while GBTC bled $105 million in investors’ funds. BlackRock surpassed Grayscale yesterday, and is now the largest BTC ETF, holding 288,671 BTC. IBIT needed only 96 trading days to close GBTC’s huge lead. pic.twitter.com/rmrIAhtQCL — Vetle Lunde (@VetleLunde) May 29, 2024 Per a Wednesday report from Bloomberg, IBIT now holds $19.68 billion worth of Bitcoin, outshining GBTC, which holds $19.65 billion in BTC. Fidelity’s ETF product held the third spot with $11.1 billion. All 11 US spot Bitcoin ETFs logged a net inflow of roughly $45 million on Tuesday, marking the funds’ 11th consecutive day of positive flows — the longest streak of inflows since February. Advertisement   BlackRock becoming the new king in the land of Bitcoin ETFs comes nearly five months after the spot BTC offerings commenced trading on U.S. exchanges after securing the SEC’s landmark approval on January 10, 2024. The management fee structure has played a key role in IBIT’s shift. Grayscale’s GBTC exorbitant 1.5% fee has pushed investors towards funds with much lower fees, such as IBIT. ETFs Control 5% Of Total BTC Supply Spot Bitcoin ETF buying activity increased recently amidst positive sentiment for BTC and the wider cryptocurrency industry. The bulls regained momentum following the Securities and Exchange Commission’s…
The post BlackRock’s Bitcoin ETF Flips GBTC To Become The Largest Spot Bitcoin ETF After $102M In Inflows ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement BlackRock’s spot Bitcoin exchange-traded fund (ETF) has overtaken the Grayscale Bitcoin Trust (GBTC) as the world’s largest ETF tracking BTC’s price performance after registering over $100 million in inflows in Tuesday’s trading session. IBIT Steals Biggest ETF Crown From Grayscale BlackRock’s Bitcoin exchange-traded fund now holds more Bitcoin than its close rival, the Grayscale Bitcoin Trust. When U.S. markets closed on May 28, the iShares Bitcoin Trust (IBIT) had 288,671 BTC compared to GBTC’s 287,454. According to Coinglass, the flippening occurred after IBIT witnessed $102 million worth of inflows on Tuesday while GBTC bled $105 million in investors’ funds. BlackRock surpassed Grayscale yesterday, and is now the largest BTC ETF, holding 288,671 BTC. IBIT needed only 96 trading days to close GBTC’s huge lead. pic.twitter.com/rmrIAhtQCL — Vetle Lunde (@VetleLunde) May 29, 2024 Per a Wednesday report from Bloomberg, IBIT now holds $19.68 billion worth of Bitcoin, outshining GBTC, which holds $19.65 billion in BTC. Fidelity’s ETF product held the third spot with $11.1 billion. All 11 US spot Bitcoin ETFs logged a net inflow of roughly $45 million on Tuesday, marking the funds’ 11th consecutive day of positive flows — the longest streak of inflows since February. Advertisement BlackRock becoming the new king in the land of Bitcoin ETFs comes nearly five months after the spot BTC offerings commenced trading on U.S. exchanges after securing the SEC’s landmark approval on January 10, 2024. The management fee structure has played a key role in IBIT’s shift. Grayscale’s GBTC exorbitant 1.5% fee has pushed investors towards funds with much lower fees, such as IBIT. ETFs Control 5% Of Total BTC Supply Spot Bitcoin ETF buying activity increased recently amidst positive sentiment for BTC and the wider cryptocurrency industry. The bulls regained momentum following the Securities and Exchange Commission’s…
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