BlackRock's Bitcoin ETF IBIT Tops Grayscale's GBTC, Becoming the World's Largest
Fact is, whether it's Bitcoin or any other asset, BlackRock seems to be unbeatable once it's packaged as an ETF.
Data shows that Grayscale's GBTC, the world's largest Bitcoin fund, suffered the biggest fund outflow in two weeks on Tuesday, with a total of $105.2 million withdrawn, equivalent to around 1,530 Bitcoins.
But at the same time, BlackRock's Bitcoin ETF IBIT saw a 101.9 million inflow, surpassing GBTC to be come the world′s largest Bitcoin ETF. It now holds 19.795 billion worth of Bitcoin, equivalent to about 288,670 Bitcoins. In comparison, GBTC holds Bitcoin worth $19.758 billion.
Since the approval of Bitcoin spot ETFs in January, GBTC's assets have lost more than half. The 1.5% fee on GBTC has led to continuous fund outflows, and Grayscale's CEO Michael Sonnenschein unexpectedly resigned over a week ago.
So, after taking the crown of the world's largest Bitcoin ETF, BlackRock's CEO Larry Fink can now focus on his true pursuit – Ethereum. Ethereum just got approved for a spot ETF last weekend, and it's expected that BlackRock will soon dominate this second-largest crypto market. With Larry Fink's support, Ethereum's price is expected to hit $14,000 by 2025.
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FiReBiTriXiE : Love BlackRock! Lol
Hamdog258 : roll with the big boys
ColorPanda : rising, rising, rising