BlackRock Outshines Grayscale as Biggest Crypto ETF

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BlackRock has achieved a significant milestone in the cryptocurrency market, with its Exchange-Traded Funds (ETFs) surpassing Grayscale in on-chain holdings for the first time. 

According to a recent report by Arkham Intelligence, a prominent player in the crypto data analysis space,  BlackRock’s ETFs, specifically iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA), have overtaken Grayscale’s ETFs, including GBTC, BTC Mini, ETHE, and ETH Mini, in terms of on-chain holdings. 

BlackRock ETF Attracts Investor Interest

The report shows that BlackRock holds $21,217,107,987 in ETFs, while Grayscale holds about $21,202,480,698, $14,627,289 less than BlackRock. BlackRock’s success in surpassing Grayscale is significant, considering that Grayscale has long been a major player in the cryptocurrency ETF market.

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Grayscale’s products, such as the Grayscale Bitcoin Trust (GBTC), have been popular among institutional and individual investors who want to invest in Bitcoin and other cryptocurrencies. However, BlackRock’s recent increase in on-chain holdings indicates that its ETFs are gaining traction and attracting significant investor interest.

Meanwhile, the report also indicated that the Grayscale entity has a higher balance than BlackRock. This is because Grayscale’s fund GDLC has about $460 million in assets under management, although it is not an ETF. As the cryptocurrency market continues to develop, there is expected to be increased competition among ETF providers, with BlackRock currently taking the lead.

BlackRock Positioned as the Most Trusted Player

BlackRock spot BTC ETF exceeded 300,000 BTC in assets under management (AUM) in June, after five months of trading. Notably, the IBIT spot BTC ETF’s rapid accumulation of assets has allowed it to surpass the AUM of Grayscale’s GBTC fund, which was recently converted to an ETF. 

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This development is significant, as Grayscale’s GBTC had long been one of the largest and most well-known Bitcoin investment vehicles. BlackRock’s swift overtaking of Grayscale highlights the competitive edge and market trust BlackRock has cultivated in the cryptocurrency space. During the second week of April, crypto news reports showed that the difference in AUM between IBIT and GBTC shrank from $6 billion to the current $3.8 billion.

BlackRock CEO on IBIT’s Performance

BlackRock’s CEO Larry Fink is riding high on the success of IBIT, hailing it as the fastest-growing exchange-traded fund in history. In a recent interview with Fox Business, Larry expressed his astonishment at the rapid ascent of IBIT, highlighting its unprecedented $13.5 billion in flows within 11 weeks of trading.

Larry’s enthusiasm for IBIT is palpable as he marvels at its impressive performance, which has surpassed his expectations. The offering of BlackRock has garnered over $260 million in inflows per trading day, signaling a robust investor appetite for exposure to Bitcoin. While industry leaders like BlackRock continue to thrive, smaller players must navigate a challenging landscape to carve out their niche.

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