BlackRock’s IBIT spot Bitcoin exchange-traded fund surpassed 300,000. BTC
-2.59%
($21 billion) in assets under management on Thursday, five months after trading began on January 11.
BlackRock’s Bitcoin ETF has currently accumulated 302,534 BTC, according to the fund’s page, and surpassed the milestone yesterday with net inflows of approximately 4,920 BTC.
IBIT overtook Grayscale’s GBTC in terms of AUM last week, putting the product ahead of other spot Bitcoin ETFs in terms of assets. GBTC originally operated as a private equity fund, but converted to public trading on the OTC market in 2015 and to an ETF in January.
GBTC charges much higher fees than its competitors. For example, BlackRock’s current fee for IBIT is 1.5% compared to 0.25%. According to the fund disclosure, after GBTC’s conversion, Bitcoin holdings decreased by approximately 54%, from approximately 619,220 BTC to 285,651 BTC. From Thursday.
However, given the simultaneous rise in the price of Bitcoin following the launch of the spot ETF, GBTC’s assets under management in US dollar terms have decreased by 30%, from $28.7 billion on January 11 to $20 billion at current prices.
According to CoinGlass data, total assets held by all U.S. spot Bitcoin ETFs currently stand at nearly 883,000 BTC ($63 billion), or 4.2% of Bitcoin’s total 21 million supply.
US Spot Bitcoin ETF Achieves Consecutive Record Net Inflows
The U.S. spot Bitcoin ETF achieved a record 18th straight day of net inflows on Thursday, adding $217.7 million to its funds, for a week that has generated net inflows of about $1.7 billion so far.
BlackRock’s IBIT led net inflows yesterday, bringing in $349.9 million, while Grayscale’s GBTC recorded net outflows of $37.6 million.
Daily inflows into spot Bitcoin ETFs have bounced back to record levels this week, but volume remains well below the March 12 peak of $9.9 billion, generating $1.4 billion in yesterday’s trading.
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