No. 1 excluding GBTC
BlackRock’s IBIT became the first of nine newly launched Bitcoin spot ETFs to reach $2 billion in assets under management (AUM) on Friday.
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IBIT currently holds 49,952 BTC and had $170 million in inflow on Thursday. With the price of Bitcoin returning to the $42,000 level, the amount of AUM has also recovered significantly.
Yes, the #Bitcoin price has pushed $IBIT‘s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close https://t.co/IgOmEYB3qw pic.twitter.com/qFDZsvylo9
— James Seyffart (@JSeyff) January 26, 2024
In second place after IBIT was Fidelity’s FBTC, with an AUM of approximately 44,000 BTC ($1.8 billion), according to data on the 25th.
In addition, Grayscale’s GBTC has the highest AUM ($28.47 billion) among all Bitcoin spot ETFs, but it is excluded from the comparison of new stocks because it is a conversion from an investment trust and is not a new product.
Outflows from GBTC (profit taking and redemptions) reached $4.3 billion over the past nine days, but on the 10th day, the pace of selling showed signs of slowing. Outflow on the 10th day was about $400 million, lower than the previous day’s $430 million. The net flow on the 10th day was +740 million dollars, which seems to have slowed down slightly from the previous day’s +820 million dollars.
JP Morgan stated in a report the day before that “GBTC selling has almost ended, and downward pressure on BTC is weakening.”
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