BlackRock's IBIT scale exceeds US$18.5 billion! Expected to replace GBTC as the largest Bitcoin spot ETF

It has been three months since the United States approved the listing of Bitcoin spot ETF. BlackRock’s IBIT has performed particularly well. Its asset management scale (AUM) has exceeded US$18.5 billion and is expected to replace GBTC, owned by Grayscale, has become the largest Bitcoin spot ETF in the United States.

According to data from SoSoValue, on April 10, Eastern Time, GBTC had a single-day net outflow of US$17.47 million, with assets under management of US$22.12 billion; while IBIT had a single-day net inflow of approximately US$33.27 million, with assets under management of US$22.12 billion. AUM of US$18.54 billion.

Data shows that GBTC’s asset management scale during the closed-end fund period was close to US$30 billion. However, after it was officially converted into a Bitcoin spot ETF, it was heavily criticized by investors for charging a high fee of 1.5%. Divestment; on the other hand, IBIT’s fee rate is 0.12%. After listing, it has continued to attract funds strongly, and its assets under management have grown rapidly from the initial US$4.4 billion to its current scale.

In terms of trading volume, GBTC’s market share is also constantly losing, from about 50% when it was listed on January 11 to 20.61% on Wednesday.

Grayscale CEO Michael Sonnenshein pointed out in a recent interview that after several months of selling, the situation of GBTC capital outflows may be gradually reaching a balanced state. He said: We do believe that GBTC has begun to reach a certain degree of balance. Those expected fund outflows, whether caused by bankruptcy liquidation (such as FTX, Genesis) or the conversion of some investors to other similar products, are basically Everything has passed.

Michael Sonnenshein said: "Over time, as the market matures, we expect GBTC fees to be reduced."

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