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BlackRock Spot Bitcoin ETF Is Now In The Top 10% Of All ETFs By Assets

February 2, 2024 - Around 2 mins mins to read

Key Points:

  • BlackRock spot Bitcoin ETF hits $3 billion, entering the top 10% of all ETFs by assets.
  • Surpassing Grayscale, the BlackRock spot Bitcoin ETF has led in trading volumes since the launch of U.S. spot Bitcoin funds.
In a significant milestone, the BlackRock spot Bitcoin ETF has surged to $3 billion in assets, securing its position among the top 10% of all ETFs by assets, as reported by Nate Geraci, President of The ETF Store and Co-Founder of The ETF Institute.
BlackRock Spot Bitcoin ETF Is Now In The Top 10% Of All ETFs By Assets

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

BlackRock Spot Bitcoin ETF Achieves Milestone with $3 Billion in Assets

Surpassing Grayscale Investments‘ similar ETF in trading volumes for the first time since the launch of U.S. spot Bitcoin funds on January 11, BlackRock’s success marks a turning point. Grayscale’s Bitcoin Trust ETF (GBTC) initially led in trading volumes during the first three weeks of trading for these products in the U.S.

Earlier this week, it appeared that BlackRock and Fidelity’s spot Bitcoin ETFs would overtake Grayscale’s converted fund on Tuesday as they approached GBTC’s daily trading volume. The dominance of GBTC, a converted version of Grayscale’s existing Bitcoin Trust, is notable given significant outflows exceeding $5.8 billion since the January 11 launch. In contrast, the nine new ETFs attracted a combined $7.2 billion in inflows.

BlackRock Surpasses Grayscale in Bitcoin ETF Trading Volumes

BlackRock spot Bitcoin ETF took the lead in inflows on Thursday, contributing $169.9 million to the fund, with FBTC closely following at $35.8 million in inflows. GBTC, however, experienced $182 million in outflows, the lowest since January 11.

This shift in dynamics signifies a changing landscape, with BlackRock’s ETF gaining traction and Grayscale facing outflows. Notably, Grayscale has dominated trading volumes among Bitcoin ETFs since January.

The net inflows of $38.5 million on Thursday marked the fifth consecutive day of positive inflows, reflecting a growing interest in these investment products. BitMEX Research data reveals total net inflows reaching approximately $1.4 billion after 15 days of trading, highlighting the evolving preferences of investors in the cryptocurrency market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Blackrock

BlackRock Spot Bitcoin ETF

GBTC

Grayscale

Spot Bitcoin ETF

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.