Bitcoin ETF: BlackRock to Overtake Grayscale Amid Eight Days of Bitcoin ETF Inflows

Highlights

BlackRock's IBIT is close to taking over Grayscale's GBTC in AUM.
BlackRock IBIT inflows rise while outflows from GBTC resume again.
All of the Bitcoin ETFs combined have a total holding of 850,000 Bitcoins.

As the crypto community eagerly awaits the approval of spot Ethereum ETFs, institutional investors are intensifying their involvement in Bitcoin ETFs. U.S. spot Bitcoin ETFs have seen outflows for eight consecutive days as of Wednesday, May 22.

BlackRock To Overtake Grayscale

On May 22, the net inflow of Bitcoin spot ETF amounted to US$154 million, extending the streak of net inflows for eight consecutive days, per the data from Farside Investors.

However, on Wednesday, Grayscale ETF GBTC experienced an outflow of $16.0914 million, while BlackRock ETF IBIT recorded a single-day inflow of $91.9527 million. Additionally, Fidelity ETF FBTC saw an inflow of $74.572 million on the same day.

With this development, BlackRock is on the verge of overtaking GBTC as the largest Bitcoin ETF with the most assets under management. On the other hand, Bitcoin ETFs have been hitting another milestone while accumulating more than 850,000 Bitcoins so far. Similarly, the global ETFs are close to accumulating more than 1 million BTCs.

🇺🇸 Bitcoin ETFs hit a record high of 850,000 BTC held today ✅

Global ETFs are closing in on 1 million Bitcoin held 🧮

— HODL15Capital 🇺🇸 (@HODL15Capital) May 23, 2024

Growing Demand for Bitcoin ETFs Worldwide

On Wednesday, May 22, WisdomTree, a leading global asset manager, has achieved a noteworthy milestone in the cryptocurrency investment arena. The company revealed that it has received authorization from the U.K. Financial Conduct Authority (FCA) to introduce Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).

Bloomberg strategist Eric Balchunas noted that while the news holds true only physically backed Bitcoin ETFs are permitted, with two from WisdomTree set to commence trading initially. Additionally, a retail ban remains in effect, underlining the regulatory nuances surrounding these investment products.

According to Glassnode analytics, the Bitcoin market has undergone a period of cooling off following months of notable distribution pressure. Despite modest capital inflows, the decrease in selling activity and a reduction in volatility indicate the potential for a significant market shift in the near future.

#Bitcoin markets have experienced a cool down after several months of intense distribution pressure.

Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.

Discover more in the latest Week… pic.twitter.com/VudlMGElPr

— glassnode (@glassnode) May 21, 2024

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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