Blackrock’s Bitcoin ETF Offsets Grayscale’s $600 mn Outflow
Blackrock’s Ishares Bitcoin Trust (IBIT) has broken both its trading volume and inflow records this week, with its crypto holdings risen to 161K bitcoins.
The fund’s performance contrasts sharply with a slowdown for other spot bitcoin ETFs and a significant outflow from Grayscale’s bitcoin ETF (GBTC).
Bloomberg analyst James Seyffart shared on social media that IBIT single-handedly offset a $600 million outflow from GBTC, taking in $92 million.
IBIT already crossed $10 billion in assets in just 7 weeks. On Tuesday, IBIT broke its own record with a net inflow of $520.2 million, and the following day, it shattered its record again, attracting $612.1 million in inflows.
IBIT also broke its trading volume records this week, reaching $1.292 billion on Monday and $1.357 billion on Tuesday. Blackrock’s spot bitcoin ETF now holds 161,265.81490 BTC with a notional value exceeding $10 billion.
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10, and 10 of them began trading the next day. Collectively, the 10 U.S. spot bitcoin ETFs saw only $92.4 million in inflows on Thursday.
(With inputs from Shikha Singh)
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