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The BlackRock Fund was named the world’s largest Bitcoin ETF. Blackrock outbid GBTC to take over the name. BlackRock’s $20 billion Bitcoin ETF recorded inflows of more than $102 million on May 28. This is while the Grayscale ETF fell again.
According to the digital currency website, BlackRock Bitcoin exchange-traded fund has overtaken Grayscale Union (GBTC) as the largest exchange-traded fund in the world that tracks the price of Bitcoin.
By the end of trading on June 8, 1403, BlackRock’s BitcoiniShares Alliance, known as IBIT, had recorded $102.5 million in inflows. While GBTC recorded an outflow of $105 million.
This inflow has reportedly brought the BlackRock Bitcoin ETF to a total of 288,670 bitcoins.
Although it started with 620,000 bitcoins when it converted in January, compared to Grayscale, which now has 287,450 bitcoins, according to data from HODL15Capital and the Apollo Bitcoin tracker.
The fund held $19.68 billion in bitcoin as of Tuesday, compared with $19.65 billion for Greyscale, Bloomberg reported on May 29, citing its own data. Fidelity’s ETF offering reached $11.1 billion.
HODL15Capital wrote: “A new king has emerged in the land of Bitcoin and BlackRock ETFs.
Both ETFs launched on the same day in January. The BlackRock ETF has since accounted for the largest share of inflows across all 11 Bitcoin ETFs.
According to data from CoinMarketCap, Bitcoin rose 1.1% on the day and its current price is $68,550.
Recent regulatory filings show that BlackRock’s bond-focused income and funds bought shares of its bitcoin exchange-traded fund (ETF) in the first quarter.
BlackRock Strategic Income Opportunities Fund (BSIIX) bought $3.56M worth of iShares Bitcoin Trust (IBIT). Its Strategic Global Bond Fund (MAWIX) bought $485,000 on May 28, according to SEC filings.
Global spot bitcoin ETFs now hold more than a million bitcoins worth more than $68 billion. This is equivalent to approximately 5.10% of the circulating Bitcoin supply.
Meanwhile, all eyes are on the potential ether point mutation.
The ETFs could launch as early as mid-June, analysts said. ETFs are going through the S-1 approval process, which is the last hurdle required before trading on their respective exchanges.
