BITCOIN

GBTC net outflows hit a new low as BlackRock's BIT reaches $2 billion in assets under management, with trading volume closely following GBTC.

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GBTC net outflows hit a new low as BlackRock

Excluding GBTC, the BlackRock iShares Bitcoin Trust IBIT has become the first Bitcoin spot ETF with assets approaching nearly $2 billion, holding approximately 49,952 bitcoins.

Bitcoin Spot ETF on Day 11

According to data provided by ETF Bloomberg analyst James Seyffart and BMEX Research on the 11th day of trading, the following points were noted:

  • Total net outflow of GBTC reached $4.886 billion.

  • Total assets under management for all ETFs amounted to $25.3 billion.

  • Overall, all ETFs had a net inflow of $744 million on the 11th day.

Record Low Net Outflow for GBTC

Both James Seyffart and BMEX Research pointed out that on the 11th trading day, the net outflow of GBTC at -$255 million was the lowest of the day. This contrasts greatly with the data cited by PANews, which quoted SoSo Value data showing a net outflow of -$671 million for GBTC, setting a record for the single-day net outflow of GBTC.

BlackRock Bitcoin ETF IBIT Close on GBTC's Heels

Excluding GBTC, the BlackRock iShares Bitcoin Trust IBIT has become the first Bitcoin spot ETF with assets under management approaching $2 billion, holding approximately 49,952 bitcoins.

Additionally, on the 11th day, IBIT had a trading volume of $480 million, second only to GBTC's $649 million.

The Fidelity Wise Origin Bitcoin Fund FBTC also closely followed with a trading volume of $333 million, holding approximately 44,000 bitcoins as of January 25th.

Nate Geraci, President of ETF Store, told CoinDesk:

BlackRock's IBIT has reached $2 billion in assets under management. Among the 600+ ETFs launched last year, it ranks third in terms of assets under management. I believe IBIT will soon take the top spot.