U.S. spot bitcoin exchange-traded funds (ETFs) saw another day of inflows on Tuesday, marking the 11th consecutive day of gains. Despite reports suggesting Blackrock’s IBIT holds more bitcoin than Grayscale’s GBTC, IBIT’s official website shows the fund still needs 322.28 BTC to surpass GBTC. While the web portal was updated on May 28, there may be a discrepancy with the official numbers.
US Bitcoin ETFs Achieve $45 Million Inflows, Blackrock's IBIT Still Trails GBTC in BTC Holdings
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U.S. Bitcoin ETFs See 11th Consecutive Day of Inflows
On Tuesday, U.S. spot bitcoin ETFs recorded a global trade volume of $1.61 billion, with $45 million in inflows. Seven ETFs reported net inflows, while GBTC experienced negative outflows. Both HODL and EZBC reported neutral numbers, with no inflows or outflows. The inflows netted on May 28, 2024, marked the 11th straight day of gains for U.S. BTC ETFs.
Several reports on Wednesday claimed Blackrock’s IBIT surpassed GBTC in terms of BTC held. However, this information does not match updates on Blackrock’s and Grayscale’s websites. IBIT‘s updated reserve status shows it holds 288,670.86 BTC as of this writing. With BTC trading at $67,632 per unit, the fund’s reserves are valued at $19.52 billion.
Grayscale’s GBTC holds 288,993.14 BTC, worth approximately $19.54 billion with BTC at $67,632 per coin. IBIT needs 322.28 BTC, worth $21.79 million, to match GBTC and slightly more to overtake its reserve status. Data from sosovalue.xyz, however, does show IBIT’s net assets valued at more than GBTC’s stash. Presently, the sosovalue.xyz shows IBIT’s assets under management (AUM) is valued at $19.68 billion while GBTC’s is valued at $19.65 billion.
Although this could occur during today’s trading sessions or there could be a slight discrepancy in numbers, it seemingly has not happened yet, at least according to both company’s official updates. According to Blackrock’s IBIT web portal, IBIT’s BTC reserves or AUM still remain slightly lower than GBTC. However, several analysts, including Bloomberg’s senior ETF analyst Eric Balchunas, note that IBIT has overtaken GBTC in terms of AUM. Balchunas stated:
It’s official now. IBIT is king of the category and prob will be for decades. The low fee + big boy liquidity + Ishares brand name is just too powerful (altho there’s plenty of food for everyone).
What do you think about the bitcoin reserve competition between IBIT and GBTC? Share your thoughts and opinions about this subject in the comments section below.
