Bitcoin ETF

Bitcoin

BlackRock

<a href="https://news.todayq.com/grayscale-ceo-exits-amid-escalating-bitcoin-etf-competition/" rel="noopener noreferrer nofollow">Grayscale Bitcoin ETF</a> has lost its crown to BlackRock Inc.’s iShares Bitcoin Trust in the latest update. iShares ETF has become the largest fund for Bitcoin by adding nearly $20 billion in total assets since its US debut.&nbsp; BlackRock ahead in ETF race 
Data shows that the exchange-traded fund (ETF) held $19.68 billion of Bitcoin as of Tuesday. This was enough to surpass the $19.65 billion Grayscale Bitcoin Trust. However, the third largest Bitcoin fund is Fidelity Investments’ $11.1 billion.
According to the data released, Bitcoin spot ETFs recorded a total net inflow of $45.1432 million on May 28. This has been a continuing net inflow for 11 consecutive days. It mentioned that the Grayscale ETF (GBTC) saw an outflow of $105 million while BlackRock ETF IBIT had an inflow of $103 million. However, Fidelity ETF FBTC had an inflow of $34.3 million.
Bitcoin (BTC) price saw a minor decline over the last 24 hours. The biggest crypto price has dropped below the $68K mark. It is trading at an average price of $67,834, at the press time. BTC is now down by 2% in the last 7 days. Its 24 hour trading volume is down by 3% to stand at $29.2 billion.
It is important to note that the BlackRock and Fidelity BTC ETFs are among nine that launched on January 11. These launches had proven to be good for the crypto market helping Bitcoin to a record high of over $73,700 in March. What’s next? 
The iShares has attracted the most inflow since its launch. It stands at around $16.5 billion. On the other hand, investors withdrew $17.7 billion from the Grayscale fund during the same period. It is expected that it is likely due to its higher fees. Grayscale had created its Bitcoin Trust back in 2013. It was well-known as the largest vehicle of its kind but faced issues with shares trading at premiums or discounts to its net asset value. This later push for conversion to an ETF to ensure trading at par.
The SEC gave the green light for the first US spot-Bitcoin ETFs in January following a court reversal in a case brought by Grayscale in 2023. This regulatory shift marked a significant development for the crypto industry, despite ongoing skepticism from the SEC under Chair Gary Gensler, especially following several industry scandals.

Grayscale loses top spot to BlackRock in Bitcoin ETF race

Todayq News

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