Key Points
- BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), has surpassed Grayscale’s GBTC, becoming the world’s largest BTC ETF with $20 billion in assets.
- The next target for IBIT could be the iShares Gold ETF, which holds over $29 billion in assets.
BlackRock’s Bitcoin (BTC) ETF, known as iShares Bitcoin Trust (IBIT), has outperformed Grayscale’s GBTC. Now, it holds the title of the world’s largest BTC ETF, boasting $20 billion in assets.
As of May 29th, IBIT held 288.67K BTC, equivalent to approximately $19.5 billion based on the current market value of $67.7K per BTC.
IBIT vs GBTC
In contrast, Grayscale’s BTC holdings as of May 29th were slightly lower, standing at 287.44K. The shift in rankings occurred after GBTC recorded extra outflows on May 28th worth $105.2 million, while IBIT saw an inflow of $102.5 million.
Since the conversion of GBTC in January, Grayscale has lost over 300K BTC due to heavy outflows, largely because the firm maintained higher fees compared to new entrants.
According to data from Farside Investors, GBTC’s record cumulative negative flows hit $17.7 billion on May 29th. Meanwhile, the BlackRock Bitcoin ETF witnessed remarkable net positive flows over the same period, amounting to $16.5 billion.
Future Targets
Nate Geracci of ETF Store suggests that the next target for IBIT could be the iShares Gold ETF, which has over $29 billion in assets.
Overall, spot BTC ETFs recorded positive flows last week, which could potentially boost BTC price action. However, the leading cryptocurrency was facing short-term sell pressure near $67K at the time of writing. The long-term projection remains bullish, suggesting that the current rally might be only half-way before the market tops out.
