Share this article
BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale
Inflows to IBIT have picked up recently after a dismal few weeks at the end of April. BlackRock now holds the ETF in one of its major funds.
Updated May 29, 2024, 4:56 p.m. Published May 29, 2024, 7:13 a.m.
- BlackRock’s IBIT has surpassed Grayscale’s GBTC, becoming the largest spot bitcoin ETF in the U.S.
- The investment giant added IBIT to its income and bond-focused funds on Tuesday.
BlackRock’s spot bitcoin exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale's GBTC after a $102 million inflow on Tuesday.
IBIT holds nearly $20 billion worth of bitcoin as of Wednesday morning, its product page shows. GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday, its page shows. Since going live in January, investors have poured in $16.5 billion to IBIT and have withdrawn $17 billion from the Grayscale fund.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
✅ Ladies & Gentlemen!! The Bitcoin ETF flippening 👇@BlackRock 's Bitcoin ETF, $IBIT overtook @Grayscale 's $GBTC pic.twitter.com/EJI0aAPim9
— HODL15Capital 🇺🇸 (@HODL15Capital) May 29, 2024
On Tuesday, BlackRock added the bitcoin ETF to its income and bond-focused funds in the first quarter. The firm’s Strategic Income Opportunities Fund (BSIIX) holds over $3.5 million worth of IBIT, while its Strategic Global Bond Fund (MAWIX) holds $485,000.
Buying activity for IBIT ramped up recently amid bullish sentiment for bitcoin and the broader crypto market. The bulls gained momentum after the listing approval for ether ETFs and renewed support for crypto among U.S. political parties.
That helped mark a sudden shift in IBIT, which recorded low or even zero inflows before May 15 and saw its first-ever day of outflows in April, leading to bearish sentiment.
Bitcoin ETF Flow (US$ million) - 2024-05-28
— Farside Investors (@FarsideUK) May 29, 2024
TOTAL NET FLOW: 45
(Provisional data)
IBIT: 102.5
FBTC: 34.3
BITB: 3.3
ARKB: 4.1
BTCO: 3.4
EZBC: 0
BRRR: 1.2
HODL: 0
BTCW: 1.4
GBTC: -105.2
DEFI: 0
For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
Last week, U.S.-listed spot bitcoin exchange-traded funds reached a new record by holdings with more than 850,000 BTC in custody, surpassing the previous high of 845,000 BTC from early April.
UPDATE (May 29, 11:06 UTC): Adds additional information in second para.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
