BlackRock Overtakes Grayscale: Bitcoin ETF Reaches $20 Billion AUM

According to Bloomberg’s report, IBIT, BlackRock’s spot Bitcoin ETF, has surpassed Grayscale’s GBTC to become the market’s largest Bitcoin fund. This milestone was reached on Tuesday, May 28, when the BlackRock Bitcoin ETF received over $102.5 million in inflows. As a result, the Bitcoin price rose 1%, surpassing $68,700 levels.

BlackRock’s IBIT vs. Grayscale’s GBTC

BlackRock’s Bitcoin ETF (IBIT) has built an amazing AUM of approximately $19.79 billion in just four months. Meanwhile, Grayscale’s GBTC AUM fell by almost $18 billion within the same period to $19.75 billion. With this quick increase and Grayscale’s net outflows, BlackRock has overtaken Grayscale as the world’s largest Bitcoin spot ETF by AUM.

On May 28, Bitcoin ETFs experienced a total net inflow of 632 BTC, which is equivalent to $43.3 million. It was the ninth consecutive day of Bitcoin ETF inflows. BlackRock took the lead with an investment of 1,505 BTC ($102 million), overtaking Grayscale to become the biggest Bitcoin ETF. Both ETFs launched on the same day in January, and BlackRock’s ETF has since accounted for the lion’s share of inflows across all 11 spot Bitcoin ETFs.

Another remarkable event is that BlackRock added approximately $4.1 million in IBIT shares to its other two funds. According to the SEC filing on Tuesday, BlackRock added $3.6 million of its IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX).

Fidelity FBTC Marked Second-Largest Net Inflows

According to the Farside Investors report, Fidelity’s FBTC had the second-largest net inflows, with $34.35 million. On Wednesday, other funds, including Ark Invest and 21Shares, Bitwise, Invesco and Galaxy Digital, Valkyrie, and WisdomTree, saw single-digit increases.

ETFs Hold 5% of Total BTC Supply

Bitcoin ETF funds currently own roughly 5% of the total Bitcoin supply, with U.S. Spot BTC ETFs holding about 842,000 BTC worth $57.2 billion. This represents 4.27% of the current Bitcoin supply. The BTC price has been slowly rising, although it remains below its critical resistance level of $70,000. Some on-chain evidence indicates a bullish trend ahead.