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BlackRock, a top investment asset management company, remains at the top of the Bitcoin (BTC) acquisition game. On Friday, the company scooped up $292 million worth of its flagship digital currency, pushing other spot Bitcoin ETF issuers to the backstage.
BlackRock and institutional investor support
Inflows into BlackRock's iShares Bitcoin Trust (IBIT) reached nearly $300 million, according to data provided by Farside Investors. It is worth noting that with this inflow, the company's cumulative net inflows jumped to $23.98 billion. Over the past few days, BlackRock has continued to lead the way in inflows.
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On October 24th, BlackRock's Bitcoin ETF stood out, receiving the lion's share of inflows of $165.54 million.
This suggests that investor confidence and interest in the company's crypto ETF products is increasing. Compared to Grayscale, which fixes sponsorship fees at 1.5%, BlackRock is asking for just 0.25%. This lower fee structure may be an advantage that makes IBIT more attractive to institutional and retail investors, especially those seeking to balance cost efficiency and exposure.
Additionally, this reflects the commitment of institutional investors to capture a slice of the highly speculative crypto market through ETFs.
Fidelity replaced by BlackRock's IBIT
BlackRock’s IBIT was followed closest by Fidelity’s FBTC with $56.9 million in inflows. Notably, FBTC led the spot Bitcoin ETF market with $239.3 million in inflows on October 14th. On this particular day, BlackRock saw inflows of just $79.5 million, but it has continued to lead the market ever since.
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On Friday, ARK 21 Shares' ARKB recorded inflows of $33.4 million, while products from Invesco, Franklin Templeton, Valkyrie and WisdomTree recorded inflows of $0. In general, the Bitcoin ETF ecosystem is expanding rapidly. There are expectations that the Bitcoin ETF holdings will exceed 1 million BTC, surpassing that of Satoshi Nakamoto.
The ETF's total holdings account for 97% of the target of 1 million BTC, with BlackRock leading the way among issuers.
