BlackRock ETF nears surpassing Grayscale, despite second-lowest daily inflows

BlackRock’s iShares Bitcoin Trust (IBIT) is slowly gaining ground in the market share of Grayscale’s Bitcoin Trust (GBTC), according to data from Dune. On April 17, IBIT recorded the second-lowest daily inflows of $24.9 million, compared to its lowest day of $20.4 million on April 9. Despite this, IBIT’s current market share of 32.6% is approaching GBTC’s market share of 36.8%. GBTC is currently the largest spot Bitcoin ETF, holding $19 billion worth of Bitcoin, while IBIT holds $16.8 billion worth of Bitcoin. It is not unrealistic to think that IBIT could surpass GBTC, especially considering that GBTC’s Bitcoin holdings have fallen by 50% since the Bitcoin halving. BlackRock’s Bitcoin accumulation has slowed down since its record day on March 13, but its holdings have still increased significantly since launch. On the other hand, Grayscale’s Bitcoin selling has also slowed down since March 19. Overall, cumulative ETF inflows have been decreasing since March, which has contributed to the subdued Bitcoin price. Bitcoin slipped below $60,000 on April 17. GBTC has experienced a massive sell-off since its launch, largely due to its high trading fee of 1.5%. In comparison, IBIT has a 0.25% trading fee, while Franklin Templeton’s ETF charges only 0.19%.