BlackRock’s IBIT Overtakes Grayscale’s GBTC Bitcoin Holdings Amid Inflow Surge

BlackRock’s IBIT Overtakes Grayscale’s GBTC Bitcoin Holdings Amid Inflow Surge

By: Isha Das

Recent data reveals that BlackRock's IBIT Bitcoin ETF has surpassed Grayscale's GBTC in Bitcoin holdings, driven by a significant surge in inflows. According to Farside, Bitcoin ETFs experienced an inflow of $45 million on May 28, with seven out of eleven ETFs recording positive inflows, highlighting broad interest in these financial products.

The most notable inflow was recorded by BlackRock’s IBIT ETF, which saw $102.5 million, raising its total net inflow to $16.5 billion. Similarly, Fidelity’s FBTC ETF also performed strongly, with $34.3 million in inflows, bringing its total to $8.7 billion. Conversely, Grayscale’s GBTC ETF encountered a substantial outflow of $105.2 million, increasing its total outflows to $17.7 billion.

This shift has led to BlackRock's IBIT surpassing Grayscale’s GBTC in terms of Bitcoin holdings, becoming the largest US Bitcoin ETF. Data from HeyApollo shows that IBIT now holds 288,670 BTC compared to GBTC's 287,450 BTC.

The cumulative net inflows across all Bitcoin ETFs have now reached $13.7 billion. On May 28 alone, the net accumulation of Bitcoin by ETFs amounted to 642 BTC, signaling a notable trend in institutional Bitcoin adoption.

The rapid ascension of BlackRock's IBIT to the top spot is notable, particularly since it managed to achieve this milestone in just 96 days, as highlighted by K33 Research senior analyst Vetle Lunde. The robust inflows seen recently, especially after a slow end to April, have positioned BlackRock's ETF prominently within major funds.

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