BlackRock’s IBIT surpasses GBTC to become the biggest Bitcoin ETF globally.

BlackRock’s Bitcoin exchange-traded fund (ETF) has reportedly overtaken the Grayscale Bitcoin Trust (GBTC) to become the largest ETF tracking the price of Bitcoin. As of May 28, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $102.5 million in inflows, while GBTC experienced a $105 million outflow. This influx has brought BlackRock’s spot Bitcoin ETF to a total of 288,670 Bitcoin held, surpassing Grayscale’s 287,450 Bitcoin. Despite starting with 620,000 Bitcoin in January, Grayscale’s holdings have decreased over time. Bloomberg’s data shows that as of Tuesday, BlackRock’s ETF held $19.68 billion of Bitcoin, slightly more than Grayscale’s $19.65 billion. Fidelity’s ETF offering lags behind at $11.1 billion. HODL15Capital declared, “There is a new king in the land of Bitcoin ETFs & its BlackRock.” Both ETFs launched on the same day in January, but BlackRock’s ETF has attracted the majority of inflows among all 11 spot Bitcoin ETFs. The current price of Bitcoin is $68,550, with a 1.1% increase for the day. In the first quarter, BlackRock’s income and bond-focused funds purchased shares of its spot Bitcoin ETF. BlackRock’s Strategic Income Opportunities Fund bought $3.56 million worth of IBIT, while its Strategic Global Bond Fund made a $485,000 purchase. Globally, spot Bitcoin ETFs hold over one million Bitcoin valued at over $68 billion, which accounts for nearly 5.10% of the circulating supply. Attention is now focused on the potential launch of spot Ether (ETH) ETFs, which analysts predict could happen as early as mid-June. These ETFs are currently undergoing an S-1 approval process before trading can commence on their respective stock exchanges.