BlackRock IBIT Assets Under Management Now $5 Billion Behind GBTC... GBTC Outflows Also Reduced

BlackRock's bitcoin spot ETF IBIT is closing the gap with its grayscale counterpart GBTC in terms of assets under management, according to The Block. As of Sept. 9, IBIT had $18.2 billion in assets under management, while GBTC had $23.2 billion. Two months ago, the gap was $4.4 billion for IBIT and $23.4 billion for GBTC. In terms of trading volume, GBTC's share has also fallen from 50% to 23.5% over the past three months.

Meanwhile, the media analyzed that GBTC has higher fees than IBIT, resulting in a net outflow of assets. However, according to Farside Investors, $17.5 million was net outflows from Grayscale GBTC the previous day. This is the smallest outflow since the BTC spot ETF converted. Eventually, BlackRock and GBTC's assets under management are expected to be right-sized. Bitcoin analytics account HODL15Capital also noted that the gap between GBTC and IBIT's Bitcoin holdings through X is shrinking.