On May 28th, BlackRock finally surpassed Grayscale to become the largest spot Bitcoin ETF with 288,671 BTC in its holdings.

It took BlackRock’s IBIT just 96 trading days to close the substantial gap with Grayscale’s GBTC. IBIT has now reached an impressive asset under management (AUM) of nearly $19.79 billion. Meanwhile, GBTC saw its AUM drop by approximately $18 billion during the same period, now standing at $19.75 billion.

On January 11, nine new Bitcoin ETFs, including those from BlackRock and Fidelity, were introduced.

Coinciding with these debuts, the long-established Grayscale fund also transitioned into an ETF.

This event was a crucial event for the entire cryptocurrency industry that significantly improved Bitcoin’s accessibility to investors and ultimately drove its value to an all-time high near $74,000 by March.

According to the latest data compiled by SoSoValue, Bitcoin ETFs recorded total net inflows of 632 BTC, worth $43.3 million for yesterday, marking the eleventh consecutive day of inflows.

BlackRock led the funds with $102 million. Fidelity also saw growth, adding $34 million, while Ark Invest and 21 Shares’ ARKB recorded $4 million.

Trailing closing behind is Bitwise’s BITB with $3 million in inflows. Invesco and Galaxy Digital’s BTCO also recorded the same figure on May 28th.

Valkyrie Digital Assets’ BRRR settled for just $1 million in inflows, while VanEck’s HODL and Franklyn Templeton’s EZBC recorded no flows for the day.

In contrast, Grayscale experienced a net outflow of $105 million, which caused it to fall to second place in terms of AUM.

The post BlackRock’s IBIT Outpaces Grayscale’s GBTC in Just 96 Trading Days appeared first on CryptoPotato.

from CryptoPotato https://ift.tt/o7kJyEe