According to the latest data, the world’s largest asset manager, BlackRock, has added another feather to its cap, becoming the company with the largest stakes in crypto exchange-traded funds (ETFs).
Here’s How BlackRock ETFs Compare to Grayscale Funds
Cryptocurrency intelligence platform Arkham revealed in an article on X that BlackRock has overtaken Grayscale to become the asset manager with the largest holdings of crypto ETFs. Arkham data shows that BlackRock’s exchange-traded funds have $21,217,107,987, while Grayscale’s ETFs have $21,202,480,698 in crypto assets under management (AUM).
The billion-dollar asset manager was able to take this position with its two funds, IBIT (Bitcoin spot ETF) and ETHA (Ethereum spot ETF), although Grayscale offers four funds: GBTC (Bitcoin spot ETF), BTC Mini, ETHE (Ethereum spot ETF), and ETH Mini. It is worth noting, however, that the Grayscale entity still has a larger balance than BlackRock due to the GDLC fund, which is not an ETF and has $460 million in assets under management.
Since launching its Bitcoin exchange-traded fund in January, BlackRock’s IBIT has unsurprisingly been one of the best performers in the ETF market. In a recent article on X, The ETF Store President Nate Geraci revealed that the iShares Bitcoin ETF (IBIT) has seen only one day of outflows since its debut in early 2024.
The iShares Bitcoin ETF has seen *one* day of outflows since its launch in January…
A day.
$20.5 billion in entries.
Flagship launch in 2024.
This is exactly what “no demand” looks like.
via @thomas_fahrer pic.twitter.com/k11aDKGudM
— Nate Geraci (@NateGeraci) August 17, 2024
In contrast, the Grayscale Bitcoin Trust (GBTC) has seen just 12 days of inflows since its launch, culminating in a total net outflow of $19.65 billion. This trend played a major role in Grayscale losing its top spot in terms of AUM to BlackRock.
This is further illustrated by recent actions by investment banks Morgan Stanley and Goldman Sachs, which have disclosed their large holdings in the iShares Bitcoin ETF. Morgan Stanley, for example, revealed that it had almost entirely exited its nearly $270 million position in GBTC shares.
Bitcoin Spot ETF Records Positive Week — What About ETH ETFs?
While Bitcoin spot ETFs posted a positive performance last week, their Ethereum counterparts failed to make their mark. Despite a strong start to the week with three consecutive days of inflows, Ethereum spot ETFs closed 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 flows fundamentally underscores the difference in acceptance of Bitcoin funds and newly launched Ethereum products, especially in the months since 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
