Blackrock’s IBIT Ousts GBTC as the World’s Largest Bitcoin Fund

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Dailycoin2024/06/04 00:22

By:Dailycoin

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Blackrock’s spot Bitcoin ETF has unlocked a new milestone.
The development comes after the fund attracted millions of inflows on Tuesday.
In the meantime, BTC is trading above $67K.

Blackrock’s iShares Bitcoin Trust (IBIT) has reportedly dethroned Grayscale’s GBTC as the world’s largest spot exchange-traded fund tracking BTC ’s price.

On May 28, IBIT witnessed a relatively successful trading day, amassing $102.5 million in inflows while the converted GBTC fund continued to hemorrhage millions. The fund bled $105.2 million on Tuesday, its second-largest outflow of the month.

IBIT Becomes the World’s Largest Bitcoin ETF

According to a May 29 Bloomberg report citing its own compiled data, Blackrock’s IBIT held $19.68 billion worth of BTC on Tuesday, against Grayscale GBTC’s $19.65 billion in total assets.

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In terms of performance since its launch in January, of all the spot Bitcoin ETFs , IBIT has attracted the greatest inflow, amassing $16.5 billion. This is a sharp contrast to the $17.7 billion worth of Bitcoin investors pulled from GBTC during the same period.

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As for Bitcoin, the crypto asset has quadrupled since the bear market of 2022, thanks to the ETFs. BTC gained 8.7% in the last month to trade at $67,692 as of press time, CoinMarketCap data shows.

Read about Argentina’s Bitcoin journey:
Argentina on the Bitcoin Path: Can It Learn From El Salvador?

Stay updated on the debut of Bitcoin and Ether ETPs in the UK:
London Stock Exchange Lists Bitcoin and Ether ETPs for Trading

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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