BlackRock’s spot bitcoin (BTC) 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.
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 (ETH) 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.
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.
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