The iShares Bitcoin Trust (IBIT), from BlackRock, added about US$ 1.08 billion in bitcoin to its positions over the last 20 days, while the Grayscale Bitcoin Trust (GBTC) recorded a net reduction of approximately US$ 255 million in BTC in the same period, according to fund flow data released this Tuesday (15).
The difference reinforces the concentration of capital in IBIT among bitcoin products traded on exchanges in the United States. The values represent movements linked to the ETFs and to investors in these vehicles — not bitcoin purchases for BlackRock's corporate balance sheet.
IBIT manages more than US$ 60.6 billion in assets, according to official BlackRock data referring to September 11. The fund charges an annual fee of 0.25% and seeks to track the price of bitcoin, offering exposure to the asset without the investor needing to directly hold the cryptocurrency.
Data from Farside Investors also shows the accumulated difference between the two products since the launch of spot ETFs in the United States. As of September 11, IBIT had recorded approximately US$ 64 billion in net inflows, while GBTC had accumulated about US$ 27.8 billion in net outflows.
Fees widen difference between IBIT and GBTC
The cost of the products is also significantly different. While IBIT charges 0.25% per year, GBTC maintains a management fee of 1.5%, according to Grayscale. The asset manager's fund was converted into an exchange-traded spot product in January 2024, after operating for years as a closed-end trust.
The recent movements come amid strong volatility in bitcoin ETFs. In the week ended September 11, the spot funds as a whole recorded about US$ 463 million in net outflows, after three consecutive weeks of inflows. On Monday (14), the market returned to positive territory, with approximately US$ 160 million in inflows, of which US$ 134.3 million went to IBIT.
