BlackRock's IBIT Takes the Lead

In a significant milestone, BlackRock's spot Bitcoin ETF, IBIT, has emerged as the most important Bitcoin fund, overtaking Grayscale's GBTC.

The flipping occurred on Tuesday, May 28, as the BlackRock Bitcoin ETF recorded more than $100 million in inflows. The Bitcoin price has risen by 1% in the last 24 hours, moving past $68,700 levels.

In a mere four months, BlackRock's spot Bitcoin ETF ($IBIT) has skyrocketed, amassing an impressive AUM of nearly $19.79 billion.

Meanwhile, Grayscale's GBTC AUM has declined by approximately $18 billion during the same period, now at $19.75 billion.

With this rapid growth and Grayscale's net outflows, BlackRock has managed to surpass Grayscale as the world's most significant Bitcoin spot ETF by AUM. This shift in dominance could potentially.

Steady Inflows and Growth

On May 28, Bitcoin ETFs saw total net inflows of 632 BTC, equivalent to $43.3 million. It has been the eleventh consecutive day of Bitcoin ETF inflows.

BlackRock led the way with an addition of 1,505 BTC ($102 million), surpassing Grayscale to become the most significant Bitcoin ETF. Fidelity also increased, adding 505 BTC ($34 million). In contrast, Grayscale experienced a net outflow of 1,550 BTC ($105 million).

Strategic Moves

In another exciting development, BlackRock added nearly $4.1 million of IBIT shares to its two other funds.

As per the SEC filing on Tuesday, BlackRock added $3.6 million of its IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX).

Institutional Investors' Influence

Amid the strong support given by institutional investors, Bitcoin ETF funds trading worldwide now cater to 5% of the total Bitcoin supply.

Spot Bitcoin ETFs now hold nearly 5% of Bitcoin's total supply of 21 million coins. According to data from the blockchain analytics platform Dune, U.S. Spot BTC ETFs hold approximately 842,000 BTC, valued at around $57.2 billion.

This accounts for 4.27% of the current BTC supply. Globally, BTC ETF issuers hold about 1,002,343 BTC, as shared in a screenshot on X (formerly Twitter) by MicroStrategy co-founder and former CEO Michael Saylor.

Market Outlook

The BTC price has been showing a mild upside move. However, it continues to trade under its crucial resistance of $70,000. Some of the BTC on-chain data hints at a bullish move ahead.