IBIT has enjoyed enormous success

 iShares Bitcoin Trust (IBIT)

The BlackRock Bitcoin ETF has been on the market for almost a month. Since then, IBIT has enjoyed enormous success. The largest asset manager in the world now manages more than 100,000 BTC worth over five billion US dollars.

BlackRock Bitcoin ETF: IBIT is really that successful

Since January 11th, Bitcoin Spot ETFs can be traded in the USA. The most popular investment of this type comes from BlackRock. The well-known investment company records the highest inflows in its iShares Bitcoin Trust (IBIT). But how successful is the BlackRock Bitcoin ETF really?

The fund recently managed to break the 100,000 BTC mark. According to official records, IBIT manages a whopping 105,280 Bitcoin worth around $5.4 billion as of press time.

Despite the strong growth, the Grayscale Bitcoin Trust is still the list leader in terms of Bitcoin under management. GBTC has lost around 25 percent of its volume since January 11, but still manages 463,475 BTC, more than four times that of BlackRock.

GBTC has been on the market since September 25, 2013. However, until January 10th, the investment did not have the rank of an ETF. Nevertheless, the product was able to build up a customer base over the years – an opportunity that the new ETFs did not have.

The shift from GBTC to competing offerings is primarily driven by differing fees. GBTC is more expensive than many similar options, making it the only ETF of its kind to lose volume. Many sales – worth around a billion US dollars – came from the insolvent crypto exchange FTX, which restored funds.

Fidelity is asserting itself as a tough competitor

Meanwhile, Fidelity is asserting itself as a tough competitor to BlackRock. The asset manager’s Bitcoin ETF recorded the second-most inflows since the market opener. Fidelity Wise Origin Bitcoin manages 83,925 BTC at the time of going to press.

Overall, the new funds in the USA achieved a net increase of $3.7 billion since the market launch. Experts recently rated the Bitcoin ETFs differently. One faction praises its existence and believes it will improve the reputation of cryptocurrencies .

The mass adoption of Bitcoin could also be promoted in this way. Critics, however, believe that the investments alienate Bitcoin from its actual tasks.

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