BlackRock Now Owns the Largest Spot Bitcoin ETF in the US
BlackRock has made history, as its Spot Bitcoin ETF is now the largest BTC fund in the US. Indeed, the $9 trillion asset manager iShares Bitcoin Trust (IBIT) has officially surpassed the leading Grayscale Bitcoin Trust. Moreover, the feat was accomplished in less than 100 trading days, with BlackRock reaching $20 billion worth of BTC in that time.
The development certainly speaks to the influence BlackRock maintains in the traditional finance structure, catapulting its ascension atop the market. While many had presumed that BlackRock would eventually take the lead, it assured its status following $102 million worth of inflows on Tuesday.
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BlackRock Bitcoin ETF Surpasses Grayscale in Only 100 Days
When Spot Bitcoin ETF applications were being accepted, one name that stood out was BlackRock. As the largest asset management firm on the planet, it had the potential to dominate the market. However, it was set to compete with the transformed Grayscale ETF, which boasted an impressive lead over the incoming issuers.
However, BlackRock made good on its potential, surpassing Grayscale to now own the largest Spot Bitcoin ETF in the United States. The former’s $20 billion worth of BTC surpassed Grayscale’s $19.5 billion after it faced $105 million in outflows this week.
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BlackRock had implemented a notable increase in its buying activity. This is largely due to the positive sentiment that engulfed the market, with bullish momentum taking shape for a plethora of assets. Indeed, the noticeable shift was largely due to the seemingly sudden approval of spot Ethereum ETFs in the country.
The United States’s Spot Bitcoin ETFs set a record in the last week with more than 850,000 BTC held. Moreover, that figure exceeded the April record of 845,000 BTC, displaying a clear upward trajectory. Considering its recent successes, there is no denying that BlackRock should remain the leader in the Bitcoin ETF market.