BlackRock’s IBIT Surpasses Grayscale to Become Largest Bitcoin Fund
In a significant milestone, BlackRock’s spot Bitcoin ETF, IBIT, has become the largest Bitcoin fund in the market, overtaking Grayscale’s GBTC.
This shift occurred on Tuesday, May 28, when BlackRock’s Bitcoin ETF recorded over $100 million in inflows. Bitcoin’s price increased by 1% in the past 24 hours, surpassing the $68,700 mark.
Within just four months, BlackRock’s IBIT has amassed nearly $19.79 billion in assets under management. Meanwhile, Grayscale’s GBTC saw its assets decline by approximately $18 billion during the same period, now totaling $19.75 billion.
With this rapid growth and Grayscale’s net outflows, BlackRock has successfully surpassed Grayscale to become the world’s largest spot Bitcoin ETF by assets under management.
On May 28, Bitcoin ETFs saw a net inflow of 632 BTC, equivalent to $43.3 million. This marked the 11th consecutive day of net inflows for Bitcoin ETFs. BlackRock led with a net inflow of 1,505 BTC ($102 million), surpassing Grayscale. Fidelity also experienced growth, adding 505 BTC ($34 million), while Grayscale saw a net outflow of 1,550 BTC ($105 million).
Another notable development is BlackRock’s addition of nearly $4.1 million worth of IBIT shares to two of its other funds. According to documents filed with the SEC on Tuesday, BlackRock added $3.6 million worth of IBIT shares to its Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to its Strategic Global Bond Fund (MAWIX).
With strong support from institutional investors, Bitcoin ETFs globally now hold about 5% of the total Bitcoin supply.
Spot Bitcoin ETFs currently hold nearly 5% of the total Bitcoin supply of 21 million coins. According to blockchain analytics platform Dune, U.S. spot Bitcoin ETFs collectively hold about 842,000 BTC, valued at approximately $57.2 billion. This represents 4.27% of the current BTC supply. Globally, Bitcoin ETF issuers hold around 1,002,343 BTC, as shared by MicroStrategy co-founder and former CEO Michael Saylor on the X platform.
BTC prices have been on a moderate upward trend but continue to trade below the critical resistance level of $70,000. Some on-chain Bitcoin data suggests a bullish trend may be on the horizon.
