EddieJayonCrypto

 30 Apr 24

tl;dr

The Grayscale Bitcoin Trust (GBTC) currently leads the U.S. Bitcoin exchange-traded fund (ETF) market with $18.7 billion in assets under management (AUM) and approximately 297,000 Bitcoin. However, the BlackRock iShares Bitcoin Trust (IBIT) is close behind with $17.2 billion AUM, just $1.5 billion a...

Bitcoin ETF Market Battle: GBTC vs. IBIT

Grayscale Bitcoin Trust (GBTC) holds the top position in the U.S. Bitcoin exchange-traded fund (ETF) market with $18.7 billion assets under management (AUM) and approximately 297,000 Bitcoin.

BlackRock iShares Bitcoin Trust (IBIT) is pressuring GBTC with $17.2 billion AUM, closing the gap to $1.5 billion, challenging Bloomberg's prediction of a potential flip by the end of April.

BlackRock's IBIT has experienced four consecutive days of slowing flows, deviating from its previous 71-day streak of inflows, while GBTC has only seen net outflows since its inception, with a significant outflow of $618.2 million on its worst day.

Despite recent reduced inflows for both funds, the gap between IBIT and GBTC has shrunk by nearly half from $2.3 billion to $1.5 billion in the two weeks following the prediction.

The Grayscale Bitcoin Trust (GBTC) currently leads the U.S. Bitcoin exchange-traded fund (ETF) market with $18.7 billion in assets under management (AUM) and approximately 297,000 Bitcoin. However, the BlackRock iShares Bitcoin Trust (IBIT) is close behind with $17.2 billion AUM, just $1.5 billion away from overtaking GBTC. Despite predictions, IBIT's recent slower inflows have impacted its ability to surpass GBTC. While IBIT had 71 consecutive days of inflows, it has now seen four days of slowing down. In contrast, GBTC has only experienced net outflows since its creation. Despite recent trends, the gap between IBIT and GBTC has narrowed significantly in the past two weeks, from $2.3 billion to $1.5 billion.

As the battle to be the top Bitcoin exchange-traded fund (ETF) provider in the U.S. rages on, the gap at the top has shrunk to $1.5 billion. The Grayscale Bitcoin Trust (GBTC) is currently top of the table with $18.7 billion assets under management (AUM), which includes approximately 297,000 Bitcoin. However due to months of outflows from GBTC, the BlackRock iShares Bitcoin Trust (IBIT) is putting pressure on the table leaders. Now with $17.2 billion AUM , BlackRock’s fund is only $1.5 billion away from flipping GBTC. To put this in perspective, the third placed fund on the Bitcoin ETF table is more than $7.5 billion behind. This comes after Bloomberg senior ETF analyst, Eric Balchunas , predicted that IBIT would flip GBTC by the end of April . It’s looking unlikely that this prediction will be proven correct—but it likely wasn’t far off the mark.

AD AD BlackRock’s IBIT fund has seen four consecutive days of flows slowing down, which seems the most likely culprit for the Bloomberg analysts’ prediction not ringing true. However, prior to this stunted growth the fund had seen 71 straight days of inflows , putting it halfway to setting a new record for ETFs . Since its first day of trading, IBIT has yet to have a day of outflows—when more money left the fund than was put in. In contrast, Grayscale’s GBTC has only ever seen net outflows since its creation, according to CoinGlass data . On its worst day, March 19, GBTC saw an outflow of $618.2 million. Even if IBIT matched its best inflow of $856.53 million from March 12, the fund would still be $25 million short of flipping the table. Neither fund has seen those kinds of flows in the past two weeks, however. Since mid-April, IBIT’s daily inflows have only topped $30 million once. Despite this, in the two weeks since Balchunas’ prediction, the gap between IBIT and GBTC has shrunk by nearly half from $2.3 billion to $1.5 billion. AD AD

Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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