According to the latest data, BlackRock, the world’s largest asset manager, has added another feather to its cap, becoming the company with the largest holdings of cryptocurrency exchange-traded funds (ETFs).
Here’s How BlackRock’s ETFs Compare to Grayscale’s
Arkham Encrypted Intelligence Platform open In a post on X, BlackRock acquired Grayscale to become the asset manager with the largest holdings of ETFs. Data from Arkham shows that BlackRock’s ETFs are worth $21,217,107,987, while the crypto assets under management (AUM) in Grayscale’s ETFs are worth $21,202,480,698.
The trillion-dollar asset manager has managed to take this position with its two funds, IBIT (spot Bitcoin ETF) and ETHA (spot Ethereum ETF), although Grayscale offers four funds; GBTC (spot Bitcoin ETF), BTC Mini, ETHE (spot Ethereum ETF), and ETH Mini. However, it is worth noting that Grayscale still has a higher balance than BlackRock due to the GDLC fund, which is not an exchange-traded fund and has total assets under management of $460 million.
Since launching its Bitcoin ETF in January, BlackRock’s IBIT has been one of the strongest performers in the ETF market. In a recent post on X , The ETF Store’s head Nate Geraci revealed that the iShares Bitcoin ETF (IBIT) has only seen one day of outflows since its debut in early 2024.
The iShares Bitcoin ETF has recorded one-day outflows since its launch in January…
One day.
$20.5 billion in inflows.
The most important 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, Grayscale Bitcoin Trust (GBTC) has only seen 12 days of inflows since its launch, peaking with a total net outflow of $19.65 billion. This trend played a major role in Grayscale losing the top spot in assets under management to BlackRock.
This is further evidenced by recent moves by investment banks Morgan Stanley and Goldman Sachs, which have revealed their significant holdings in the iShares Bitcoin ETF. Morgan Stanley specifically revealed that it has divested almost all of its $270 million holdings in GBTC shares.
Bitcoin ETF Has a Positive Week – What About ETH ETFs?
While Bitcoin ETFs posted positive performances last week, their Ethereum counterparts failed to make a mark. Despite starting the week strong with three consecutive days of inflows, Ethereum ETFs closed Friday with cumulative net inflows of $14.17 million.
On the other hand, Bitcoin ETFs recorded a total net inflow of $32.57 million last week. This disparity in capital flows mainly underscores the difference in acceptance of Bitcoin ETFs and recently launched Ethereum products, especially in the months following their debut.
The price of Bitcoin exactly at the $60,000 mark on the daily timeframe | Source: BTCUSDT chart TradingView
Featured image by Getty Images, chart by TradingView