BlackRock Leads Bitcoin ETF Market

Top investment asset management firm BlackRock (NYSE:BLK) has maintained its lead in acquiring Bitcoin (BTC), notably purchasing $292 million worth of the cryptocurrency.

BlackRock and Institutional Investors' Support

According to data from Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows nearing $300 million, bringing its total net inflows to $23.98 billion. Recently, BlackRock has been at the forefront of these inflows.

On October 24, BlackRock's Bitcoin ETF distinguished itself by receiving $165.54 million in inflows. This indicates a growing confidence among investors regarding the firm's crypto ETF products. BlackRock offers a lower sponsorship fee of 0.25%, compared to Grayscale’s 1.5%, potentially making IBIT more appealing to institutional and retail investors looking for cost efficiency.

This uptick reflects institutional investors' dedication to engaging with the speculative crypto market via ETFs.

Fidelity Gives Way for BlackRock's IBIT

Following BlackRock in the ETF space is Fidelity’s FBTC, which reported $56.9 million in inflows. Previously, on October 14, FBTC led the market with $239.3 million in inflows, while BlackRock gained only $79.5 million that day. Since then, however, BlackRock has consistently led the market.

On Friday, ARK 21Shares’ ARKB recorded $33.4 million in inflows, while other firms like Invesco, Franklin Templeton, Valkyrie, and WisdomTree saw no inflows. The Bitcoin ETF ecosystem is rapidly expanding, with expectations that ETF holdings will exceed 1 million BTC, surpassing Satoshi Nakamoto's total.

Currently, total ETF holdings account for 97% of the one million BTC target, and BlackRock leads among issuers.

This article was originally published on U.Today