In just five months, BlackRock’s IBIT ETF has accumulated over 300,000 BTC, valued at around $21 billion.
IBIT has surpassed Grayscale’s GBTC in assets under management, benefiting from significantly lower management fees and greater market confidence.
US Bitcoin spot ETFs have achieved a record-breaking 18 consecutive days of net inflows, significantly adding to their overall value.
BlackRock’s ETF Success
BlackRock’s IBIT has reached a significant milestone by surpassing 300,000 BTC in assets under management, approximately $21 billion, just five months after its listing on January 11th.
This achievement positions IBIT as a leader among Bitcoin ETFs in the market, surpassing Grayscale’s GBTC in terms of assets under management (AUM).
Comparison with Grayscale and Competitive Fees
Last week, BlackRock’s IBIT exceeded Grayscale’s GBTC in terms of assets under management, a notable accomplishment considering that GBTC previously operated as a private placement before transitioning to public trading on the OTC market in 2015, and then converting to an ETF in January.
GBTC has seen its Bitcoin holdings decrease by approximately 54%, going from 619,220 BTC to 285,651 BTC, while BlackRock’s IBIT continued to attract substantial investments, in part due to significantly lower fees – 0.25% compared to GBTC’s 1.5%.
Impact of Bitcoin Price and Record Inflows for US Bitcoin ETFs
Despite the decline in GBTC’s BTC holdings, the dollar value of its assets under management only decreased by 30%, going from $28.7 billion on January 11th to $20 billion, thanks to the simultaneous rise in the price of Bitcoin since the launch of spot ETFs.
Meanwhile, US Bitcoin spot ETFs have recorded a record-breaking streak of 18 consecutive days of net inflows, adding $217.7 million to the funds on Thursday alone, with net inflows totaling nearly $1.7 billion this week.
BlackRock’s IBIT dominated yesterday’s net inflows, attracting $349.9 million, while Grayscale’s GBTC experienced net outflows of $37.6 million. Daily inflows into Bitcoin spot ETFs reached record levels this week, although the volume remains significantly lower than the levels observed around March 12th, and oddly, the price of BTC has not experienced a significant increase.
