The world’s largest asset manager BlackRock has literally stormed the crypto market by launching its Bitcoin ETF IBIT earlier this year in January 2024. IBIT has been seeing record inflows every single day since the launch with its assets under management crossing $13.8 billion.
BlackRock Bitcoin ETF Is The Fastest Growing
In one of his recent interviews, BlackRock CEO Larry Fink reiterated his bullish stand on Bitcoin and said that he’s pleasantly surprised with the kind of adoption that BlackRock’s IBIT Bitcoin ETF has seen within two months of its launch.
On Wednesday, March 27, the BlackRock Bitcoin ETF IBIT recorded another $323 million worth of inflows with AUM crossing $13.8 billion. At this pace, BlackRock would be a week away from overtaking the Grayscale Bitcoin ETF GBTC which was once the largest digital asset fund in history. Interestingly, this growth also makes BlackRock the fastest-growing ETF so far in the history of ETFs, says Fink.
With this solid success of its Bitcoin ETF, BlackRock’s Larry Fink is also very confident about the approval for the spot Ethereum ETF. He said that the approval is still possible even if the U.S. SEC categorizes Ethereum as a security.
On the other hand, Grayscale’s GBTC continues to bleed with daily outflows. On Wednesday, GBTC recorded $3000 million of additional outflows. As a result, the fund has lost over $14.6 billion during the last two months. Last week, the Grayscale CEO disclosed that they would be dropping the fees on GBTC, however, this hasn’t stopped the outflows from slowing down.
Ark Invest BTC ETF Sees Record Inflows
On Wednesday, ARK 21Shares’ spot Bitcoin ETF experienced a surge in inflows, setting a new record of $201.8 million. This influx, nearly five times its average daily inflows, coincided with Bitcoin’s close approach to the $72,000 mark.
According to preliminary data from Farside Investors, on March 27, the ETF’s daily inflow quadrupled, reaching $43.9 million since its launch on Jan. 11. This figure marked a significant increase from the previous day’s inflows of $73.6 million, with no recorded inflows on March 25.
The post BlackRock’s Bitcoin ETF IBIT With $13.8 Billion AUM Will Soon Overtake GBTC appeared first on CoinGape.
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