It has been three months since spot bitcoin ETFs began trading and BlackRock’s fund appears to be on pace to usurp Grayscale’s as the biggest of the crypto-based investment vehicles on offer.
According to Trackinsight data compiled by The Block Data Dashboard, as of Tuesday, BlackRock’s IBIT fund had $18.2 billion in assets under management compared to Grayscale’s $23.2 billion.
As Grayscale’s GBTC fund, which charges a higher fee than BlackRock’s, has consistently shed capital since it began trading, BlackRock’s ETF has been slowly narrowing the gap in terms of assets under management, or AUM. Grayscale’s fund had about $23.4 billion in AUM two months ago compared to BlackRock’s $4.4 billion, according to The Block Data Dashboard.
Grayscale’s ETF started with nearly $30 billion in AUM as the firm’s exchange-traded fund is a conversion of its flagship fund. The fund’s declining AUM is likely due, in part, to Genesis selling GBTC shares, said Eric Balchunas, senior ETF analyst at Bloomberg.
In terms of trading volume, Grayscale’s fund has also been gradually losing market share, down from about 50% when the spot bitcoin ETFs launched on Jan. 11 to 23.5% as of Tuesday.
Grayscale’s fund shed $154.9 million in outflows on Tuesday, while BlackRock’s took in $128.7 million in inflows.
Fidelity’s spot bitcoin ETF is third in trading volume market share and AUM.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This news is republished from another source. You can check the original article here