U.S. Bitcoin ETFs Continue to Attract Inflows for 11th Consecutive Day
In a remarkable streak, U.S. spot bitcoin exchange-traded funds (ETFs) received inflows for the 11th consecutive day on Tuesday. The total global trade volume for these ETFs reached $1.61 billion, with $45 million flowing into the market. Out of the seven ETFs, HODL and EZBC reported neutral numbers, while GBTC experienced negative outflows. This recent surge in inflows is a positive sign for U.S. BTC ETFs.
Reports surfaced on Wednesday suggesting that Blackrock's Ishares Bitcoin Trust (IBIT) had surpassed Grayscale's Bitcoin Trust (GBTC) in terms of BTC holdings. However, these reports contradict the official information available on both Blackrock's and Grayscale's websites. According to the updated data on IBIT's official website, the fund currently holds 288,670.86 BTC, valued at $19.52 billion, based on the current trading price of $67,632 per BTC. On the other hand, GBTC holds 288,993.14 BTC, worth approximately $19.54 billion.
To match GBTC's reserve status, IBIT needs an additional 322.28 BTC, valued at $21.79 million. However, it is worth noting that data from sosovalue.xyz suggests that IBIT's net assets are currently valued higher than GBTC's. The website shows that IBIT's assets under management (AUM) are worth $19.68 billion, while GBTC's AUM is valued at $19.65 billion.
Despite the potential for a slight discrepancy in the numbers or changes that could occur during the trading sessions, the official updates from both companies indicate that IBIT's BTC reserves or AUM still remain slightly lower than GBTC. Nevertheless, analysts such as Bloomberg's senior ETF analyst Eric Balchunas argue that IBIT has overtaken GBTC in terms of AUM. Balchunas emphasized the power of IBIT's low fees, liquidity, and the well-established Ishares brand name.
The competition between IBIT and GBTC for bitcoin reserves has generated considerable interest. We invite you to share your thoughts and opinions on this subject in the comments section below.