Since its launch, BlackRock has consistently seen daily in millions, with minimal instances of zero inflows and even fewer outflows over the past five months.
Making headlines today, BlackRock, the world’s largest asset manager, has announced it now holds 304,976 BTC, valued at over $21 billion, for their Spot Bitcoin ETF.
The US-based asset manager now holds assets totaling over $21 billion, surpassing Grayscale’s Bitcoin Trust ETF (GBTC) by more than $1.6 billion.
After launching its Spot Bitcoin ETF on January 11, BlackRock has consistently seen daily inflows in millions, with minimal instances of zero inflows and even fewer outflows over the past five months.
Blackrock and Grayscale
Farside’s data revealed that BlackRock experienced its first inflow on January 11 following the ETF’s launch, accumulating over $111 million. Subsequently, the ETF has seen hundreds of millions in inflows, reaching its largest daily inflow of $849 million on March 12, 2024.
On the other hand, Grayscale has experienced more outflows than inflows since its January launch. Given that Grayscale’s Spot Bitcoin ETF has seen a total of $17.5 billion in outflows, it’s no surprise that BlackRock’s IBIT has surpassed GBTC.
According to BlockRock’s fund site data, the firm’s Spot Bitcoin ETF has gathered over 302,536 BTC, representing over 1.4% of the digital asset’s total circulating supply. In contrast, Grayscale has accumulated around 285,105 BTC and currently holds $19.75 billion in assets.
BlackRock’s IBIT performance speaks volumes compared to Grayscale’s Spot Bitcoin ETF. BlackRock charges a 0.25% annual fee for its Spot Bitcoin ETFs, while Grayscale’s Spot Bitcoin ETF has a high fee of 1.5%.
The significant contrast in ETF fees has impacted GBTC’s outflows since the start of the year. Numerous investors have moved their assets from Grayscale’s Spot Bitcoin ETF to more economical alternatives like BlackRock’s IBIT.
BlackRock Attracts Substantial Inflows In Four Days
Furthermore, Farside noted a sharp rise in inflows for BlackRock’s Spot Bitcoin ETF, as IBIT saw four days in a row of inflows from Tuesday, June 4, to Friday, June 7.
On June 3, BlackRock’s IBIT experienced no inflows, whereas other Spot Bitcoin ETFs, such as Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), and ARK 21Shares Bitcoin ETF (ARKB), saw significant inflows.
Even though there were no inflows at the start of June, BlackRock has attracted $946 million over the past four days. On June 4, the Spot Bitcoin ETF received $274 million, followed by $155 million on June 5.
