As long as it's an ETF, even Bitcoin, it's BlackRock's world!
The world's largest Bitcoin fund, Grayscale's GBTC, experienced its largest outflow in two weeks on Tuesday, with a total of $105.2 million withdrawn. Meanwhile, BlackRock's Bitcoin ETF IBIT saw an inflow of $101.9 million at the same time, surpassing GBTC to become the world's largest Bitcoin ETF
It turns out that whether it's Bitcoin or other assets, as long as they are packaged into ETFs, BlackRock seems to be invincible.
Data shows that the world's largest Bitcoin fund, Grayscale's GBTC, experienced the largest outflow in two weeks on Tuesday, with a total of $105.2 million withdrawn, equivalent to about 1,530 Bitcoins.
Meanwhile, BlackRock's Bitcoin ETF IBIT saw an inflow of $101.9 million, surpassing GBTC to become the world's largest Bitcoin ETF, holding Bitcoin worth $19.795 billion, equivalent to about 288,670 Bitcoins. In comparison, GBTC holds Bitcoin worth $19.758 billion.
Since the approval of Bitcoin spot ETF in January, GBTC's assets have lost more than half. The 1.5% fee of GBTC has led to continuous outflows, and Grayscale CEO Michael Sonnenschein unexpectedly resigned over a week ago.
Therefore, after taking over the crown of the world's largest Bitcoin ETF, BlackRock CEO Larry Fink can now focus on an asset he truly pursues—Ethereum. Ethereum has just received approval for a spot ETF last weekend, and it is expected that BlackRock will soon dominate the market of the second largest cryptocurrency. With Larry Fink's support, it is projected that by 2025, the price of Ethereum will reach $14,000