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Blackrock’s Bitcoin ETF Offsets Grayscale’s $600M Outflow

Blackrock’s Ishares Bitcoin Trust (IBIT) made headlines as it single-handedly offset Grayscale’s $600 million outflow on Thursday. The ETF broke its own trading volume and inflow records, with its crypto holdings now standing at 161K bitcoins.

Blackrock’s IBIT Continues Strong Performance Contrary to a slowdown in other spot bitcoin ETFs and a significant outflow from Grayscale’s GBTC, Blackrock’s IBIT continued its robust performance. Bloomberg analyst James Seyffart noted IBIT’s impressive feat on social media, with the ETF surpassing $10 billion in assets in just seven weeks.

IBIT Sets Records On Tuesday, IBIT achieved a net inflow of $520.2 million, followed by a staggering $612.1 million inflow the next day. While other spot Bitcoin ETFs brought in less than $90 million combined on Thursday, IBIT surged with $603.9 million, effectively offsetting Grayscale’s outflow.

Additionally, IBIT broke its trading volume records this week, reaching $1.292 billion on Monday and $1.357 billion on Tuesday.

US SEC Approvals and Market Landscape The US Securities and Exchange Commission approved 11 spot bitcoin ETFs on January 10, with IBIT being one of them. Despite the presence of other ETFs like Fidelity Wise Origin Bitcoin Fund and Ark 21shares Bitcoin ETF, IBIT’s dominance is evident, with the collective inflows of all US spot bitcoin ETFs totaling only $92.4 million on Thursday.

Your Thoughts What are your thoughts on Blackrock’s spot bitcoin ETF’s massive trading volumes and inflows? Share your opinions in the comments section below.

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