Surpassing Grayscale, BlackRock becomes the largest Bitcoin spot ETF in the US

BlackRock's IBIT fund became the largest Bitcoin ETF in the US by surpassing Grayscale's GBTC after receiving inflows exceeding the $102 million mark on May 28.

As of May 29, BlackRock's Bitcoin Spot ETF (IBIT) has officially become the Bitcoin Spot ETF with the highest net asset value in the US, holding 288,670 BTC worth $19.6 billion, surpassing Grayscale's GBTC fund with 287,450 BTC worth $19.65 billion.

BlackRock's IBIT fund rose to the No. 1 position after the IBIT fund witnessed an inflow of 103 million USD and recorded an outflow of 105 million USD on the same day.

The IBIT fund has seen an impressive journey over four months to take the lead from GBTC since the day the Bitcoin Spot ETFs were approved by the SEC. Initially, IBIT only owned 2,621 BTC, a small number compared to nearly 620,000 BTC of GBTC, equivalent to about 3% of the total Bitcoin supply on the market.
Other BlackRock investment funds have also chosen IBIT fund to become one of the new investments for these funds. Specifically, the BSIIX Fund owns more than 3.5 million USD of IBIT shares, while the MAWIX Fund holds 485,000 USD of IBIT fund shares.

After a long period of not recording investment cash flows, and at times even witnessing the first cash outflows in history, the IBIT fund has seen a significant increase in cash inflows recently, reflecting strong confidence. community strongly entered the cryptocurrency market when a series of positive news appeared. Originating from the SEC's approval of Ethereum Spot ETFs, the passage of the FIT21 bill, along with former President Donald Trump's pro-cryptocurrency speeches during the election campaign, created a Domino effect on the market. The school is gradually heating up again.

Last week, spot Bitcoin ETFs recorded 6 consecutive days of inflows, with inflows of $1.2 billion, bringing the total cumulative net inflows of spot Bitcoin ETFs since January to $12.87 billion.
Bitcoin price has increased 1.33% in the past 24 hours and is trading around $67,900 at the time of writing.