Bitcoin ETF

Bitcoin

BlackRock

<ul>
 <li>BlackRock’s spot Bitcoin ETF ($IBIT) has achieved tremendous growth in only four months.</li>
 <li>Grayscale’s GBTC AUM fell almost $18 billion, reaching $19.75 billion.</li>
</ul>
The spot Bitcoin ETF IBIT, run by <a href="https://thenewscrypto.com/blackrocks-cio-sees-optimism-in-u-s-cpi-data-warns-of-rate-hike/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>, has surpassed Grayscale’s GBTC to become the biggest Bitcoin fund, marking a significant milestone in the industry. On May 28, the BlackRock Bitcoin ETF had inflows of above $100 million, signaling a flippening. At the time of writing, <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> is trading at $67,840, down 0.92% in the last 24 hours as per data from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CMC</a>.
With a remarkable AUM of approximately $19.79 billion, BlackRock’s spot Bitcoin ETF ($IBIT) has achieved tremendous growth in only four months. At the same time, Grayscale’s GBTC AUM fell almost $18 billion, reaching $19.75 billion.
<h3 class="wp-block-heading" id="h-backing-of-institutions">Backing of Institutions</h3>
This impressive rise, coupled with <a href="https://thenewscrypto.com/grayscale-investments-ceo-michael-sonnenshein-steps-down/" target="_blank" rel="noopener noreferrer nofollow">Grayscale’s</a> net withdrawals, has allowed BlackRock to overtake Grayscale as the biggest Bitcoin spot ETF by AUM in the world.
Moreover, net inflows of 632 BTC, or $43.3 million, were recorded by Bitcoin ETFs on May 28. Bitcoin ETF inflows have continued for eleven days running. After Grayscale was surpassed as the biggest Bitcoin ETF, BlackRock took the lead with an addition of 1,505 BTC ($102 million). Also, there was a boost in Fidelity as well, with 505 BTC ($34 million) added. But 1,550 BTC ($105 million) went out of Grayscale.
Moreover, BlackRock also increased its holdings in IBIT by about $4.1 million, complementing its holdings in its other two funds. On Tuesday, BlackRock said in an SEC filing that it had added $3.6 million and $486,000 worth of IBIT shares to two of its funds: BlackRock Strategic Income Opportunities (BSIIX) and BlackRock Strategic Global Bond Fund (MAWIX).
With the backing of major financial institutions, 5 percent of the Bitcoin supply is currently held by exchange-traded funds (ETFs) throughout the globe.
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BlackRock Surpasses Grayscale to Become Largest Bitcoin ETF Fund

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