Arkham Intelligence data shows that BlackRock has now passed Grayscale in the race to create a Bitcoin ETF. This is a major shift in the way people trade in cryptocurrencies.
With current holdings of $21.217 billion, BlackRock’s ETFs IBIT and ETHA have achieved a significant milestone by surpassing Grayscale’s offerings, including its smaller “mini” ETFs. With this accomplishment, BlackRock is now the world’s largest provider of ETF stocks.
Bitcoin ETF Market Surge
In a significant shift, BlackRock’s innovative IBIT ETF is about to become the biggest single owner of Bitcoin, possibly even larger than Satoshi Nakamoto, who created Bitcoin. On Thursday, $11.1 million came into the ETF market. This was a recovery from the previous day’s loss of $81.4 million.
Vetle Lunde, a senior expert at K33 Research, saw a major rise in the number of institutions that owned Bitcoin ETFs in the second quarter. Both BlackRock’s IBIT and Fidelity’s FBTC have grown a lot. During the same time period, Paul Tudor Jones and other well-known investors put $30 million into IBIT shares.
BlackRock’s IBIT, which has excelled in the Ethereum ETF space, has received nearly $1 billion in investment. Despite its success with Bitcoin and Ethereum ETFs, BlackRock seems reluctant to enter altcoin ETFs.
Chief Information Officer at BlackRock, Samara Cohen, stated that the company has no plans to release a Solana ETF at this time. Robert Mitchnick, Head of Digital Assets at BlackRock, agreed with this and said that clients aren’t interested in altcoins right now.
BlackRock still controls most of the ETF market, but the large bank is still focusing on Bitcoin and Ethereum. This means that the future of altcoin ETFs is unclear for now.
