BlackRock's Bitcoin and Ether ETFs Surpass Grayscale for First Time in Assets
BlackRock's Bitcoin and Ether ETFs now lead in assets under management, surpassing Grayscale's funds for the first time, reflecting a major market shift
BlackRock’s spot Bitcoin (IBIT) and Ether (ETHA) exchange-traded funds (ETFs) have surpassed Grayscale’s funds in assets under management (AUM) for the first time.
As of the latest update, BlackRock’s ETFs collectively manage more than $21.217 billion, slightly ahead of Grayscale’s total of $21.202 billion. This milestone reflects a significant change in investor behavior.
Recent data highlights a shift in asset flow: Grayscale’s Bitcoin Trust (GBTC) and Ether Trust (ETHE) have seen substantial outflows, while BlackRock’s ETFs have benefited from inflows. Specifically, GBTC experienced $25 million in outflows on Thursday, and ETHE saw $42 million in net outflows. Conversely, BlackRock’s ETHA recorded a $740,000 net inflow, with IBIT maintaining stable assets.
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BlackRock’s IBIT, which became the largest Bitcoin ETF by AUM in May, surpassed the $20 billion mark by June. This growth is a result of rising institutional interest in cryptocurrencies. Meanwhile, Grayscale’s GBTC has seen a decline of $19.57 billion in Bitcoin assets since January, signaling a shift in the market.
BLACKROCK ETF HOLDINGS OVERTAKE GRAYSCALE FOR THE FIRST TIME
BlackRock’s ETFs IBIT and ETHA have just overtaken Grayscale’s ETFs GBTC, BTC Mini, ETHE and ETH Mini in on-chain holdings.
Blackrock ETFs now have the largest collective holdings of any provider.
BlackRock ETF… pic.twitter.com/PB41LEGc97 — Arkham (@ArkhamIntel) August 16, 2024
The change in asset management dominance highlights broader market trends, including evolving investor preferences and the impact of regulatory developments. Investors are increasingly turning to ETFs that offer transparency and regulatory oversight, contributing to BlackRock’s success.
This transition reflects a significant moment in the cryptocurrency investment landscape, with BlackRock’s ETFs now leading in terms of AUM and setting a new benchmark in the market.
Also Read: Bitcoin May Hit $85,000 by Year-End, Driven by 2024 US Election Impact
