Blackrock's IBIT: An Uncontested Leader

Thunderstrike in the genteel world of finance! Blackrock's IBIT, a spot bitcoin ETF, has just taken center stage with 414 institutional investors

U.S. spot Exchange Traded Funds (ETFs) on bitcoin (BTC) had a memorable performance last Tuesday, attracting a massive influx of $305.7 million, according to data compiled by Bitwise Asset Management. It was a seventh consecutive day of positive flows.

Blackrock’s IBIT led the pack, capturing alone 94.86% of the total inflows. That's a small fortune of $280 million. Meanwhile, Fidelity’s FBTC had to settle for crumbs, still bringing in nearly $26 million.

The other spot bitcoin ETFs, for their part, were left frozen, with neither inflows nor outflows, like forgotten dancers on the side of the stage.

Behind the scenes, Blackrock’s IBIT now holds 281,883.90 BTC, closely rivaling Grayscale’s Bitcoin Trust (GBTC), which possesses 289,511.90 BTC. A titanic battle is brewing, as IBIT needs just 7,628 BTC, a trifle of $536 million, to match its rival.

Currently, only GBTC, IBIT, and FBTC can boast owning more than 100,000 BTC each. With 159,548.77 BTC in hand, FBTC is worth a tidy sum of $11.21 billion.

Blackrock’s IBIT is an Uncontested Leader

Thunderstrike in the genteel world of finance! Blackrock’s IBIT, a spot bitcoin ETF, has just taken center stage with 414 institutional investors under its belt, reports Bitcoin.com.

The latest filings with the U.S. Securities and Exchange Commission (SEC) reveal that this fund is attracting the big fish, a real boon for bitcoin.

Eric Balchunas, senior analyst at Bloomberg, didn’t mince words, calling this performance “stunning”. For him, gathering 20 holders for a freshly launched ETF is already an achievement, so 414 (among the 1,500 reported in 3 months)… it’s science fiction!

No other bitcoin ETF launched in January has generated as much enthusiasm. In comparison, the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), and the ARK 21shares Bitcoin ETF struggle to keep pace.

Among the Magnificent Seven institutional investors that have joined IBIT in the past week, the top 3 are:

Millennium Management LLC, the uncontested leader among holders, showcases 20,859,447 shares valued at $844 million.

Schonfeld Strategic Advisors LLC holds 6,128,450 shares, valued at $248 million.

Even the Wisconsin Investment Board joins the party with 2,450,400 shares.

The Grayscale Bitcoin Trust (GBTC), a veteran in the sector, boasts 619 institutional holders, but that’s not counting on the recent conversion to a spot bitcoin ETF, giving this financial dinosaur a new lease of life.