BlackRock's IBIT Bitcoin Spot ETF Competes Fiercely with GBTC
On the third day of trading, data from Nasdaq indicates that the total trading volume of US Bitcoin spot ETFs is approaching $10 billion. BlackRock's Bitcoin spot ETF, known as IBIT, contributes $1.9 billion to this figure.
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According to Watcher Guru, BlackRock holds 25,067 BTC worth $1.06 billion. This makes BlackRock the second-largest publicly traded company in terms of Bitcoin ownership, trailing behind MicroStrategy with 174,000 Bitcoin, as reported by Coingecko.
The success of IBIT has sparked discussions among investors closely monitoring BlackRock's decisive steps in the cryptocurrency market. Eric Balchunas, a Bloomberg ETF analyst, commented on the growing influence of BlackRock, stating that it's not a matter of "if" but "when" they will surpass the Bitcoin ownership of tech giant MicroStrategy.
Meanwhile, GBTC's trading volume still dominates the total volume, contributing $5.1 billion, with IBIT ranking second with a trading volume of $1.9 billion. Despite its high trading volume, GBTC also experienced the highest outflows of $579 million as investors prefer the lower-cost spot ETFs.
GBTC charges the highest management fee at 1.5%, while IBIT only imposes a 0.20% fee for the first six months.
IBIT Draws Investor Attention
In a recent dialogue with Bloomberg, Rachel Aguirre, the Head of US iShares Product at BlackRock, explained the recent fund inflows. She stated that IBIT has attracted interest from various sectors, including retail investors, independent investors, and some ready to invest from day one.
"We see interest from retail investors, individual investors, and some that are ready to invest on day one," she said in the interview. Aguirre also revealed BlackRock's enthusiasm, stating that the company is "very excited" about investors exploring this new asset category for the first time.
When asked about model portfolios and the possibility of BlackRock allocating to Bitcoin in the coming weeks and months, Aguirre did not provide specific details, only stating that she couldn't comment on the matter.
Aguirre emphasized that BlackRock is "focused" on "understanding the educational needs" of its clients. The company aims to provide education to investors to support them "throughout their investment journey."
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