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

• 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.

This positions IBIT as the world’s largest Bitcoin fund, followed by GBTC and Fidelity’s $11.1 billion FBTC, the report said.

A spot check on comparison data from HODL15Capital and the Apollo Bitcoin Tracker winds up in the same analysis. IBIT held $19.8B (288,670 BTC) against GBTC’s $19.7B (287,450 BTC) as of May 29, while FBTC, ARKB, and BITB held ($11.1B) 162,041 BTC, ($3.3B) 48,563 BTC, and ($2.4B) 36,233 BTC, respectively, the data shows.

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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.

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.

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