The approval and surging popularity of Bitcoin spot ETF has slowly transformed the image of cryptocurrencies worldwide. On the other hand, Bitcoin prices also continue to strengthen, and as of this writing, it has been trading above the mark of $72k.
In the initial days, the Bitcoin spot GrayScale solely dominated the ETF category. However, after BlackRock entered into the market, GBTC spot ETF continued to lose its dominance and BTC holdings.
According to data from Coinank, IBTC, the Bitcoin spot ETF by BlackRock has mirrored a massive inflow of $875.00 million as of October 30, 2024. It is priced at $40.88, the sixth cheapest BTC ETF.
BlackRock ETF now holds the title of holding Bitcoin among all other ETF providers. Its total holdings are 429185.49 BTC, and in the past 24 hours, it added 12127.14 BTC to the total holdings.
It is worth noting that IBTC is becoming comparatively more popular than other ETFs, as the primary issuer by IBTC holds the image of the most powerful asset management firm globally, claiming that it roughly has 10.01 lakh cores USD under AUM.
However, GrayScale’s role behind the skyrocketing adoption of BTC spot ETFs remains one of the most important, as it was one of the first companies that initiated spot ETFs.
BlackRock will affect GrayScale’s market domain in the long run!
Yes, there is more chance that BlackRock could hinder the growth and dominance of Grayscale, but it is crucial to note that GrayScale is termed one of the oldest Bitcoin enthusiast firms, which is solely regarded for Bitcoin spot ETF approval.
There are chances that BlackRock could soon surpass GrayScale in both Ethereum and Bitcoin spot ETF categories, but surpassing an established giant will take time and more strategies.
After the approval of Bitcoin spot ETF by the United States Securities and Exchange Commission, there was hype for Ether spot ETFs, but post-approval, the Ethereum spot ETFs category seems to be in trouble, and excluding BlackRock ETH spot ETF all other listed ETFs have seen a massive outflow since there debut in the market.
The discussion over spot ETF is not only done by the residents and trading enthusiasts of the United States, but nowadays, it has become a worldwide topic.
Japan and South Korea are allegedly exploring the potential risks and benefits of these exchange-traded funds. Some nations have even made cryptocurrencies and Bitcoin an agenda in their national elections, which is helping them establish their new position among the nation’s youth.
In the initial days, Bitcoin was priced very low, and at that time, the developers of early adopters of it wasted them buying pizza and unnecessary kinds of stuff. But after 13 years now, the coin that was once used to buy pizza is valued at over $72k, and further price growth is expected.
