ETF Bitcoin BlackRock Surpasses 300,000 Bitcoins!

Bittime - ETF Bitcoin BlackRock is in the spotlight. Their product, IBIT, recently surpassed the 300,000 BTC ($21 trillion) mark in assets under management.

This achievement was achieved in just five months since IBIT started trading on January 11. According to the official IBIT website, they have currently collected 302,534 BTC. This significant increase especially occurred yesterday, with the entry of 4,920 BTC as new investment.

BlackRock Bitcoin ETF Surpasses Grayscale

IBIT managed to overtake its competitor, Grayscale Bitcoin Trust (GBTC), in terms of total assets under management (AUM) last week. GBTC actually appeared earlier than other Bitcoin ETFs.

Initially, GBTC operated as a private investment product, then switched to public trading on the OTC (Over-the-Counter) market in 2015. Currently, they are in the process of converting to an ETF.

Compared to IBIT, investment costs in GBTC are much more expensive. GBTC charges 1.5%, while IBIT is only 0.25%. Not surprisingly, many investors are turning to IBIT.

This can be seen from the significant decline in GBTC Bitcoin ownership. This is around 54% from 619,220 BTC to 285,651 BTC, based on their financial report as of last Thursday.

Even though the amount of Bitcoin owned has decreased, the value of GBTC assets in US dollars has not fallen too drastically. This is because the price of Bitcoin itself has been increasing since Bitcoin ETFs appeared.

GBTC Asset Value Drops

Overall, the value of GBTC assets in US dollars fell by about 30%, from $28.7 billion on January 11 to $20 billion today.

Interestingly, combined, the total Bitcoin holdings of all Bitcoin ETFs in the US currently stand at nearly 883,000 BTC ($63 trillion) according to CoinGlass data. This means that the US Bitcoin ETF controls about 4.2% of the total Bitcoin supply of 21 million.

Investor Raid to US Bitcoin ETF!

The Bitcoin investment trend in the US is getting stronger. As proof, the record net inflow (net inflow) to the US Bitcoin ETF reached 18 consecutive days last Thursday.

Total net inflows during this period were $217.7 million. If totaled in the past week, net inflows into US Bitcoin ETFs even reached almost $1.7 billion!

IBIT was investors' most popular Bitcoin ETF yesterday, with net inflows of $349.9 million. Meanwhile, GBTC actually experienced a net outflow of $37.6 million.

Even though daily net inflows into US Bitcoin ETFs are back near records this week, total trading volume is still well below the peak of $9.9 billion hit on March 12. Yesterday, US Bitcoin ETF trading volume was recorded at $1.4 billion.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.