In just four months, BlackRock’s spot Bitcoin ETF ($IBIT) has experienced an incredible surge in growth, reaching an impressive AUM of approximately $19.79 billion. In contrast, Grayscale’s GBTC AUM has fallen by nearly $18 billion, landing at $19.75 billion.
This remarkable achievement has allowed BlackRock’s IBIT to surpass Grayscale’s GBTC, becoming the largest Bitcoin fund in the industry. The significance of this milestone cannot be understated. On May 28th, the BlackRock Bitcoin ETF witnessed inflows exceeding $100 million, signaling a clear “flippening.” As of now, Bitcoin is trading at $67,840, experiencing a 0.92% decrease in the last 24 hours, according to data from CMC.
The rise of BlackRock’s spot Bitcoin ETF, coupled with Grayscale’s net withdrawals, has propelled BlackRock to claim the top spot as the world’s largest Bitcoin spot ETF by AUM. This achievement highlights the growing confidence and support from institutional investors.
Furthermore, Bitcoin ETFs recorded net inflows of 632 BTC (equivalent to $43.3 million) on May 28th. These inflows have continued for eleven consecutive days. After being surpassed by BlackRock, Grayscale experienced an outflow of 1,550 BTC ($105 million), while BlackRock took the lead with an addition of 1,505 BTC ($102 million). Fidelity also experienced a boost, with 505 BTC ($34 million) added.
BlackRock further demonstrated its commitment by increasing its holdings in IBIT by approximately $4.1 million, adding to its existing holdings in two other funds. In a recent SEC filing, BlackRock disclosed that it added $3.6 million and $486,000 worth of IBIT shares to its BlackRock Strategic Income Opportunities (BSIIX) and BlackRock Strategic Global Bond Fund (MAWIX), respectively.
With the support of major financial institutions, exchange-traded funds (ETFs) currently hold 5 percent of the global Bitcoin supply.
In other news, Shiba Inu (SHIB) has experienced a bullish spike, surpassing Cardano in terms of market capitalization.