In a significant development, BlackRock’s spot Bitcoin ETF, IBIT, has become the largest Bitcoin fund, surpassing Grayscale’s GBTC on May 28. This milestone was achieved as IBIT recorded over $100 million in inflows, pushing Bitcoin prices beyond $68,700.
BlackRock now holds approximately $20 billion in Bitcoin, with IBIT amassing nearly $19.79 billion in just four months. Meanwhile, Grayscale’s AUM has declined to $19.75 billion due to net outflows.
On May 28, Bitcoin ETFs saw total net inflows of 632 BTC, led by BlackRock with 1,505 BTC. Fidelity also gained 505 BTC, while Grayscale experienced a net outflow of 1,550 BTC.
Additionally, BlackRock added $4.1 million worth of IBIT shares to its other funds, indicating strategic investment diversification.
Bitcoin ETFs now control 5% of the total Bitcoin supply, highlighting strong institutional support. U.S. Spot BTC ETFs collectively hold around 842,000 BTC, valued at $57.2 billion, accounting for 4.27% of the current BTC supply globally.
This shift underscores the growing influence of institutional investors in the Bitcoin market, potentially driving long-term growth and stability.
