BlackRock's IBIT Dethrones Grayscale's GBTC as the Largest BTC Exchange-Traded Product

BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), has surpassed Grayscale's Bitcoin Trust (GBTC) to become the world's largest Bitcoin ETF. On May 28th, IBIT recorded inflows of $102.5 million, while GBTC experienced outflows of $105 million. This brings IBIT's total Bitcoin holdings to 288,670 BTC, compared to GBTC's 287,450 BTC. The shift in market dominance highlights the growing acceptance of spot Bitcoin ETFs and the increasing appeal of IBIT's low-cost structure. With over $19.68 billion in assets under management, IBIT now accounts for a significant portion of the $68 billion held by all spot Bitcoin ETFs globally, representing 5.10% of the circulating Bitcoin supply.