BlackRock Nearing Grayscale's Lead in Bitcoin (BTC) ETF Holdings

By: Eva Baxter

Emerging Analysis

Recent data indicates a noticeable shift in the Bitcoin (BTC) exchange-traded funds (ETFs) market. Major financial giant, BlackRock, has significantly increased its holdings, indicating growing institutional interest in cryptocurrency. According to recent data, its EOFT product, BlackRock IBIT, recorded an inflow of $128.7 million on a single day in April, skyrocketing its total inflows to a whopping $14.9 billion.

Interestingly, this upward trend for BlackRock contrasts with the market leader, Grayscale. Their flagship product, GBTC, observed an outflow of $154.9 million in the same period, marking the smallest outflow since early April; however, overall outflows currently stand at a stark $15.9 billion.

A comparative analysis showcases a staggering difference in how these two industry giants fare in terms of BTC holdings. GBTC is currently in the leading position with 316,202 BTC holdings, but not far behind is BlackRock’s IBIT with 266,102 BTC. The difference between the two stands at a much smaller 50,100 BTC ratio. These figures indicate that the gap is closing between the two giants in the Bitcoin ETF market.