BlackRock Surpasses Grayscale in Assets Under Management
In Q2 2024, BlackRock surpassed Grayscale’s GBTC in assets under management. The $10 trillion asset manager now holds the title of the world’s largest spot Bitcoin ETF, overtaking the crypto-native incumbent. Grayscale’s higher fees likely drove the exodus from the fund, as investors shifted to trusted traditional alternatives with proven asset management track records.
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Summer Slowdown and Expectations for Q4
Despite consecutive days of inflows between May and June, volumes were lower than in Q1 2024. Net inflows declined in Q2, and most ETFs experienced outflows for the first time, including BlackRock’s IBIT. Trading typically slows over the summer, with liquidity drying up. However, issuers expect volumes to rebound in Q4 as more advisors offer clients BTC ETFs.
