BlackRock Overtakes Grayscale as Largest Bitcoin ETF with $102 Million Inflow

On May 28, BlackRock's spot Bitcoin ETF saw inflows exceeding $102 million, surpassing the Grayscale Bitcoin Trust (GBTC) to become the world's largest ETF tracking Bitcoin prices.

As trading closed on May 28, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $102.5 million in inflows, contrasting sharply with GBTC's $105 million outflow. Consequently, IBIT now holds 288,670 Bitcoin, slightly ahead of Grayscale's 287,450 Bitcoin, a significant decrease from its initial 620,000 Bitcoin in January, based on data from HODL15Capital and the Apollo Bitcoin Tracker.

Bloomberg’s May 29 report indicates that IBIT manages $19.68 billion in Bitcoin, while GBTC holds $19.65 billion. Fidelity’s ETF, meanwhile, trails with $11.1 billion.

HODL15Capital noted, “There is a new king in the land of Bitcoin ETFs & it’s BlackRock.” Both ETFs launched in January, but BlackRock's has dominated inflows among all 11 spot Bitcoin ETFs since.

Bitcoin saw a 1.1% increase on the day, reaching $68,550. Regulatory filings revealed that in Q1, BlackRock’s income and bond-focused funds acquired shares in IBIT. Specifically, the Strategic Income Opportunities Fund (BSIIX) invested $3.56 million, while the Strategic Global Bond Fund (MAWIX) purchased $485,000 worth of IBIT, as per May 28 SEC filings.

Globally, spot Bitcoin ETFs now hold over one million Bitcoin, valued at over $68 billion, representing nearly 5.10% of Bitcoin's circulating supply.

Attention is now shifting towards the potential launch of spot Ether ETFs, anticipated as early as mid-June, pending S-1 approval for trading on stock exchanges.