BlackRock Overtakes Grayscale as the Largest Bitcoin ETF with More than $19 Billion in Assets Under Management (AUM)

The latest round of inflows has seen the BlackRock iShares Bitcoin Trust (IBIT) briefly surpass the Grayscale Bitcoin Trust (GBTC) as the largest BTC ETF.
Arkham Intelligence, an on-chain intelligence resource, highlighted this achievement in a recent post on X, following reports of capital flows in the spot Bitcoin ETF market. Notably, the entire BTC ETF market in the U.S. experienced inflows of $45 million on May 28, marking the 11th consecutive day of positive netflows.
According to market data sourced by The Block, BlackRock’s IBIT saw the largest capital inflow of $102.5 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) witnessed the second-largest inflow of $34.3 million.
In contrast, GBTC saw massive outflows totaling $105.2 million worth of BTC as withdrawals from the funds resumed. The outflows from GBTC came to a halt on May 13, after which it experienced four consecutive days of inflows from May 15 to 20. However, these inflows soon diminished, and outflows resumed from May 22. In contrast, IBIT recorded zero outflows during this period, with its most recent capital outflow occurring on May 7. IBIT has seen $656.7 million worth of BTC influx over the last week, while GBTC has experienced $29.9 million in capital exiting.
As a result of these contrasting inflow and outflow trends, IBIT now holds 284.5K BTC worth $19.4 billion, making it the largest Bitcoin ETF globally and surpassing GBTC. IBIT has seen $830 million in inflows this month, while GBTC has recorded outflows worth $451.6 million.
Arkham emphasized that IBIT’s rise to the dominant position was more due to its significant inflows rather than the outflows from GBTC. BTC ETFs in the U.S. now hold 2.67% of BTC’s circulating supply, totaling 562,000 BTC or $38.2 billion.
Renowned ETF analyst Eric Balchunas from Bloomberg confirmed IBIT’s achievement, stating that the fund is on track to become the fastest ETF to reach $20 billion in assets under management (AUM). The current record is held by the JPMorgan Equity Premium Income ETF (JEPI), which achieved $20 billion in 985 days. IBIT has only been trading for 137 days, including non-business days.
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