{"id":312477,"date":"2024-05-29T19:27:28","date_gmt":"2024-05-29T13:57:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/as-blackrocks-ibit-etf-surpasses-grayscales-gbtc-will-btc-price-top-80000-crypto-news\/"},"modified":"2024-05-29T19:33:10","modified_gmt":"2024-05-29T14:03:10","slug":"as-blackrocks-ibit-etf-surpasses-grayscales-gbtc-will-btc-price-top-80000-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/as-blackrocks-ibit-etf-surpasses-grayscales-gbtc-will-btc-price-top-80000-crypto-news\/","title":{"rendered":"As BlackRock\u2019s IBIT ETF Surpasses Grayscale\u2019s GBTC, Will BTC Price Top $80,000? – Crypto News"},"content":{"rendered":"

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Fresh inflows into Bitcoin ETFs have caught many by surprise as BlackRock\u2019s IBIT becomes the largest crypto ETF. The move comes after massive daily net inflows of more than $103 million, as recorded by SoSoValue<\/span><\/a> on Tuesday. Meanwhile, Bitcoin price remains sluggish, falling by a modest 0.9% in 24 hours to $67,740. This adds to a 3.5% slump in the last seven days, underscoring the change in the trend from bullish earlier in the week to bearish.<\/p>\n

BlackRock\u2019s IBIT Flips Grayscales GBTC ETF<\/h2>\n

Despite the uptick in the inflows of most of the products, Grayscale\u2019s GBTC posted another round of daily net outflows totaling $105 million. Cumulatively, Bitcoin ETFs<\/span><\/a> saw a daily total net inflow of $45 million, significantly below Monday\u2019s $250 million.<\/p>\n

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BlackRock\u2019s IBIT<\/a><\/span> took the lead from Grayscale boasting $19.68 billion in net assets. On the other hand, GBTC receded to the second position with $19.65 billion. Grayscale continues to face mass withdrawals to the extent the ETF has lost $18 billion since going live in January.<\/p>\n

Investors have deposited $16 billion in IBIT since the ETFs started trading in the US.<\/p>\n

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\u2705 Ladies & Gentlemen!! The Bitcoin ETF flippening \ud83d\udc47@BlackRock<\/a> ‘s Bitcoin ETF, $IBIT<\/a> overtook @Grayscale<\/a> ‘s $GBTC<\/a> pic.twitter.com\/EJI0aAPim9<\/a><\/p>\n

\u2014 HODL15Capital \ud83c\uddfa\ud83c\uddf8 (@HODL15Capital) May 29, 2024<\/a><\/p>\n<\/blockquote>\n

At the time of conversion from the Bitcoin Trust, Grayscale held approximately 620,000 BTC. It accounted for roughly 3% of the total BTC supply. However, it is believed that the company\u2019s adamance to lower the fee of 1.5% compared to the competitors\u2019 average of 0.2% is the biggest factor causing the investor exodus.<\/p>\n

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Grayscale held 620,000 BTC at the time of the conversion (1\/10\/2024), which was more than 3% of circulating supply, but refused to lower the fee (1.5% vs 0.2% for peers), even after investors pulled 330,000+ BTC. So much for the “differentiated” strategy.<\/p>\n

\u2014 HODL15Capital \ud83c\uddfa\ud83c\uddf8 (@HODL15Capital) May 29, 2024<\/a><\/p>\n<\/blockquote>\n

So far, Bitcoin ETFs have posted $13.73 billion in cumulative total net inflow, with $1.6 billion in total value traded.<\/p>\n