As the American SEC prepares to validate ETFs on Ether, the first bitcoin trackers are a hit. Blackrock's IBIT, Fidelity's FBTC and Grayscale's GBTC play the stars. Everything is going well for them, finance is applauding with both hands and Wall Street is dancing the tango of billions.
Bitcoin ETFs are resisting, the stock market is shivering
Although only 5 months and 13 days old, the American Exchange Traded Funds (ETFs) on spot bitcoin have orchestrated a memorable performance last Tuesdayattracting a massive influx of $305.7 million. It was a seventh consecutive day of positive inflowsa real greenback festival!
Among the actors in this financial ballet, Blackrock IBIT shone brightly, single-handedly capturing 94.86% of total entries. Yes, you read correctly, 94.86%! This represents a small fortune of $280 million. Meanwhile, the Fidelity FBTC had to make do with the crumbs, still bringing in nearly $26 million.
Other spot bitcoin ETFs, meanwhile, found themselves frozen, without entries or exits, like dancers forgotten on the side of the stage.
Behind the scenes, Blackrock IBIT now holds 281,883.90 BTC, closely taunting Grayscale's Bitcoin Trust which owns 289,511.90. A battle of titans is coming, because IBIT is only missing 7,628 BTCa mere $536 million, to match its rival.
Currently, only GBTC, IBIT and FBTC can boast of owning more than 100,000 BTC each. With 159,548.77 BTC in hand, FBTC is worth a whopping $11.21 billion.
Blackrock IBIT: An undisputed leader
Thunderclap in the cozy world of finance! Blackrock IBITa spot bitcoin ETF, has just taken center stage with 414 institutional investors to his creditreports Bitcoin.com. Latest SEC filings reveal that this bottom is attracting big fish, a real boon for bitcoin.
Eric Balchunas, senior analyst at Bloomberg, did not mince his words, calling this performance “ mind-boggling “. For him, bringing together 20 holders for a newly launched ETF is already an achievement, then 414 (out of the 1,500 recorded in 3 months)… it’s science fiction! No other bitcoin ETF launched in January has generated as much excitement.
In comparison, the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21shares Bitcoin ETF are struggling to keep up.
Millennium Management LLCundisputed leader of holders, poster 20,859,447 shares worth $844 million. Just behind, Schonfeld Strategic Advisors LLC owns 6,128,450 shares, valued at $248 million. Even the Wisconsin Investment Board is joining the party with 2,450,400 shares.
The Grayscale Bitcoin Trust (GBTC), industry veteran, poster 619 institutional holdersbut that's without taking into account the recent conversion into a spot bitcoin ETF, giving a facelift to this financial dinosaur.
The numbers speak for themselves: as of May 16, IBIT held 276,190 BTC, or more than $18 billion. The week was fruitful with cumulative entries of $948.3 million for US bitcoin ETFs.
Blackrock CEO Larry Fink, a die-hard bitcoin fan, was quick to point out that IBIT is the fastest growing ETF in history. Who would have thought that bitcoin in a tuxedo would attract so many guests?
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