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BlackRock’s Spot Bitcoin ETF Now Holds $3 Billion in BTC

BlackRock’s recently introduced iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, has reached a significant milestone.

As of last Friday, it boasts a holding of just over 70,000 BTC tokens, valued at slightly over $3 billion given the current Bitcoin price of approximately $43,200.

According to cryptocurrency analyst @CryptoWorldJosh, the ETF has added another 3,805 BTC tokens in the past 24 hours.

Since its launch on January 11th, BlackRock’s Spot Bitcoin ETF has consistently attracted strong net inflows.

Remarkably, BlackRock’s spot Bitcoin ETF has experienced only two trading days with less than $100 million in net inflows, as reported by ETF flow tracking website ETF.com.

BlackRock’s Spot Bitcoin ETF Not the Only Success Story

BlackRock’s recently launched spot Bitcoin ETF is not the only standout success story in the past month.

Following the SEC’s approval of 11 spot Bitcoin ETF products, others have also demonstrated impressive performance.

As of Thursday, Fidelity’s spot Bitcoin ETF (FBTC) had garnered net inflows of nearly $2.5 billion, according to ETF.com.

Additionally, data from Blockwork’s ETF tracker reveals that newly introduced spot Bitcoin ETFs by Ark 21Shares, Bitwise, Invesco/Galaxy, VanEck, Valkyrie, Franklin, and WisdomTree have collectively amassed close to $2 billion in assets under management (AUM).

When factoring in Grayscale’s Bitcoin Trust (GBTC), the total AUM for spot Bitcoin ETFs currently stands at approximately $28 billion.

Inflows Now Outweighing GBTC Outflows

In January, GBTC underwent a transformation from a trust product to a spot ETF, but it has faced substantial outflows amounting to approximately $6.1 billion.

During 2023, many traders had accumulated GBTC due to its significant trading discount compared to its net asset value (NAV).

With the conversion to a spot ETF, these traders were finally able to redeem their GBTC at NAV, leading to significant profit-taking and contributing to the outflows from GBTC.

Another factor potentially prompting this shift is GBTC’s relatively high fees in comparison to its competitors in the market.

According to ETF.com, GBTC outflows have decreased to roughly $200 million per day this week.

Concurrently, the inflows into other recently launched ETFs are surpassing the outflows from GBTC, thereby introducing a new source of demand to bolster the Bitcoin market.

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