Anika Begay
According to the latest data, BlackRock, the world’s largest asset manager, has added another medal to its list of achievements, becoming the company with the largest assets in cryptocurrency exchange-traded funds (ETFs).
Here’s How BlackRock ETFs Compare to Grayscale Funds
Cryptocurrency intelligence platform Arkham revealed in a post on X that BlackRock has usurped Grayscale to become the asset management firm with the largest holdings of cryptocurrency ETFs. Arkham data shows that BlackRock’s exchange-traded funds boast $21,217,107,987, while Grayscale’s ETFs have $21,202,480,698 in crypto assets under management (AUM).
The trillion-dollar asset manager was able to take this position with its two funds, IBIT (Bitcoin spot ETF) and ETHA (Ethereum spot ETF), despite Grayscale offering four; GBTC (Bitcoin spot ETF), BTC Mini, ETHE (Ethereum spot ETF), and ETH Mini. It is worth noting, however, that Grayscale’s entity still has a higher balance than BlackRock due to the GDLC fund, which is not an ETF and has $460 million in AUM.
Since the Bitcoin exchange-traded fund launched in January, BlackRock’s IBIT has been, unsurprisingly, one of the strongest performers in the ETF market. In a recent post on X, The ETF Store President Nate Geraci revealed that the iShares Bitcoin ETF (IBIT) has had just one day of outflows since its debut in early 2024.
The iShares Bitcoin ETF has seen *one* day of outflows since launching in January…
One day.
Inflows amounted to $20.5 billion.
The most important launch of 2024.
This is exactly what “no request” means.
through @thomas_fahrer photo.twitter.com/k11aDKGudM
— Nate Geraci (@NateGeraci) August 17, 2024
In contrast, Grayscale Bitcoin Trust (GBTC) has seen only 12 days of inflows since launch, culminating in a total net outflow of $19.65 billion. This trend played a major role in Grayscale losing the top spot in terms of AUM to BlackRock.
This is further underscored by recent moves by investment banks Morgan Stanley and Goldman Sachs, which have disclosed their large holdings in the iShares Bitcoin ETF. Morgan Stanley, in particular, has disclosed that it has sold nearly its entire position of nearly $270 million in GBTC shares.
Spot Bitcoin ETF Sees a Positive Week: What About ETH ETFs?
While spot Bitcoin ETFs performed positively last week, their Ethereum counterparts failed to make their mark. Despite starting the week on a positive note with three consecutive days of inflows, spot Ethereum ETFs ended Friday with a cumulative net outflow of $14.17 million.
Bitcoin ETFs, on the other hand, saw a total net inflow of $32.57 million last week. This disparity in capital flow essentially underscores the difference in acceptance of Bitcoin funds and recently launched Ethereum products, especially in the months following their debut.
The price of Bitcoin exactly at the $60,000 mark on the daily timeframe | Source: BTCUSDT chart TradingView
Featured image from Getty Images, chart from TradingView
