BlackRock Surpasses Grayscale as Largest Spot Bitcoin ETF

BlackRock's iShares Bitcoin Trust (IBIT) has dethroned Grayscale Bitcoin Trust (GBTC) as the largest spot bitcoin ETF in the US. IBIT's inflows surged on Tuesday, adding $102 million to its value, while GBTC saw $105 million in outflows. As of Wednesday, IBIT holds $20 billion worth of bitcoin, surpassing GBTC's $19.7 billion. This surge in IBIT's popularity coincides with bullish sentiment in the crypto market, fueled by the approval of ether (ETH) ETFs and renewed political support for crypto.