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BlackRock surpasses Grayscale to become the world's largest Bitcoin ETF.
After countless days of waiting, the long-awaited change has finally occurred. BlackRock has officially surpassed Grayscale to become the world's largest Bitcoin ETF.![]()
One and a half months after we first observed that the world's largest Bitcoin fund, Grayscale's GBTC, lost more than half of its assets from the approval of Bitcoin ETF Spot funds in January to the 4th "halving" event in Bitcoin's history.
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And just over a week after Grayscale's CEO, Michael Sonnenschein, unexpectedly resigned amidst continuous withdrawals (due to the 1.5% GBTC fee), this change has finally officially taken place.
According to data from Farside, with the ETF fund flow recorded today, the inevitable has finally happened. After GBTC recorded $105.2 million, equivalent to about 1530 BTC, withdrawn in the largest negative cash flow day in over two weeks, BlackRock's IBIT bought an additional $101.9 million, surpassing GBTC and becoming the world's largest ETF fund with a Bitcoin value of $19.795 trillion, equivalent to about 288,670 BTC, compared to GBTC's $19.758 trillion.
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With becoming the world's largest Bitcoin ETF fund, Larry Fink may continue to focus on an asset that he truly desires in the pursuit of financial tokenization - Ethereum - which just received SEC's approval for the ETF Spot last weekend, and Blackrock will soon dominate this second largest cryptocurrency as it embarks on a journey to reach $14,000 by 2025 with the support of Larry Fink.
VIC Crypto synthesis