Key Points
- BlackRock's IBIT fund is gradually closing the gap with Grayscale's GBTC fund in terms of assets under management (AUM).
- Grayscale's GBTC fund has been experiencing consistent capital outflows, while BlackRock's fund has been seeing inflows.
Three months have passed since spot bitcoin ETFs started trading, and BlackRock's fund seems to be rapidly catching up with Grayscale's.
BlackRock's Steady Growth
As per Trackinsight data, as of a recent Tuesday, BlackRock's IBIT fund had $18.2 billion in AUM, while Grayscale's fund had $23.2 billion.
Grayscale's GBTC fund, which levies a higher fee than BlackRock's, has been consistently losing capital since its inception. Conversely, BlackRock's ETF has been gradually reducing the AUM gap.
Decline in Grayscale's AUM
Two months prior, Grayscale's fund had about $23.4 billion in AUM compared to BlackRock's $4.4 billion. Grayscale's ETF, which started with nearly $30 billion in AUM, has been witnessing a decline in its AUM. This could be partly attributed to Genesis selling GBTC shares, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
Grayscale’s fund has also been gradually losing market share in terms of trading volume, down from about 50% when the spot Bitcoin ETFs were launched on Jan. 11 to 23.5% as of a recent Tuesday.
On a particular Tuesday, Grayscale’s fund experienced $154.9 million in outflows, while BlackRock’s fund received $128.7 million in inflows.
Fidelity's spot bitcoin ETF is currently third in trading volume market share and AUM.
