BlackRock Bitcoin ETF IBIT Now the Biggest Spot Bitcoin Exchange-Traded Fund (ETF) by Assets Under Management (AUM)

American investment firm BlackRock is now the biggest issuer of spot Bitcoin Exchange-Traded Fund (ETF) as regards Assets Under Management (AUM). Eric Balchunas, a Senior ETF analyst at Bloomberg, shared data showing the BlackRock iShares Bitcoin Trust (IBIT) well ahead of global ETF leaders in ranking

BlackRock has emerged as the leading issuer of spot Bitcoin Exchange-Traded Fund (ETF) in terms of Assets Under Management (AUM), according to data shared by Eric Balchunas, a Senior ETF analyst at Bloomberg.

Balchunas' data showed that BlackRock's iShares Bitcoin Trust (IBIT) is significantly ahead of other global ETF leaders in the ranking.

While IBIT solidifies its position as a top performer, Fidelity's Bitcoin ETF (FBTC) has also been a dominant force in the market, leading many in the crypto space to speculate on whether FBTC can flip IBIT soon.

IBIT's Position Among Global Non-Crypto ETFs

Balchunas' data also highlighted that around $911 billion has flowed into the global ETF market year-to-date (YTD). According to Bulchunas, these inflows are a major milestone as the market is set to break its annual record of $1.2 trillion.

Balchunas attributed the global ETF's success to increased contributions from non-US markets, which have added over 40% of the total, up from 25% in 2021. He added that global ETFs are on a record pace, with 1,121 new ETFs launched this year.

BlackRock's significant contribution to the global ETF market is also evident. So far, BlackRock's iShares Bitcoin inflows have soared to $20.5 billion YTD, making it the top Bitcoin ETF performer. IBIT has outshined other non-crypto ETFs like VTI from Vanguard Asset Management and 510300 from Huatai-PineBridge Fund Management in the global ETF ranking.

IBIT is now ranked as the third-largest global ETF, outperformed only by Vanguard's VOO and IVV, BlackRock's non-crypto ETF.

Meanwhile, Fidelity's FBTC was also spotted in the 14th spot on the global ETF landscape, ahead of other non-crypto ETFs like BlackRock's DNYF.

BlackRock Bitcoin ETF Rivals

In the spot Bitcoin ETF market, IBIT is far ahead of its competitors.

Recent data from Farside Investors showed that IBIT has amassed about $20.5 million since it began trading in January. According to the details, BlackRock has flipped Fidelity's FBTC’s $9.8 million and Bitwise's $2 million. On August 19, IBIT recorded a huge single-day inflow of 92.7 million.

Interestingly, IBIT's stellar performance comes amid a downturn in the broader market. The past few months have seen Bitcoin dropping, with its price hovering below the $55,000 mark. However, Bitcoin's price, although still consolidating, has recovered to $60,000. At the time of writing, Bitcoin's price was trading at $59,590, showing a 0.75% increase in 24 hours. However, its trading volume decreased by 12% in the past day to $26 million.

Despite the challenges in the broader ecosystem, IBIT's massive inflows indicate a growing interest from institutional investors. More investors are starting to recognize the benefits of holding crypto assets.

Can Fidelity or Grayscale flip BlackRock’s IBIT?

Whether Fidelity or Grayscale can outshine BlackRock's IBIT depends on several factors, including investor sentiment, trading fees, and more. For now, IBIT has shown that it is poised to retain the top spot, especially with its fee being way lower than Grayscale's and Fidelity's. While BlackRock set its fee at 0.21%, Fidelity's is 0.25%, and Grayscale's stands at 1.5%.

On the other hand, Grayscale ETF continues to see outflows from its Bitcoin ETF. Over $19.6 billion has flowed out of the fund. If this continues, the firm's bid to flip BlackRock might not be successful.

Fidelity has a healthy netflow, and FBTC might be the best bet if any Bitcoin ETF product is to displace IBIT.

The above is the detailed content of BlackRock Bitcoin ETF IBIT Now the Biggest Spot Bitcoin Exchange-Traded Fund (ETF) by Assets Under Management (AUM). For more information, please follow other related articles on the PHP Chinese website!