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The “flippening” happened, but not in the cryptocurrency market but in the Bitcoin ETF (BTC) ecosystem. On Tuesday, BlackRock’s ETF (IBIT) became the largest Bitcoin fund on the market, surpassing Grayscale’s GBTC.

According to Bloomberg data, BlackRock’s ETF recorded more than $100 million in inflows, bringing it closer to the $20 billion mark in assets under management. As a result, it surpassed GBTC and became the largest ETF in the world.

Around $20 billion in Bitcoins

In just four months, IBIT accumulated US$19.8 billion in assets under management, compared to US$19.75 billion under management at GBTC. However, Grayscale’s fund lost $18 billion in that same period.

With this rapid growth and Grayscale’s net outflows reaching nearly 50%, BlackRock has managed to overtake GBTC as the largest Bitcoin spot ETF in the world. On the other hand, Grayscale has not been able to offset losses since converting its fund into an ETF.

In terms of BTC, Bitcoin ETFs recorded total net inflows of 632 BTC on Tuesday, equivalent to $43.3 million. It was the eleventh consecutive day that ETFs recorded a positive balance. BlackRock led the movement by receiving 1,505 BTC ($102 million).

Next came Fidelity, which added 505 BTC to its FBTC ETF, which corresponds to around US$34 million. In contrast, Grayscale experienced a net outflow of 1,550 BTC ($105 million).

In another interesting development, BlackRock also included nearly $4.1 million worth of IBIT shares in its other two ETFs. The funds in question were the BlackRock Strategic Income Opportunities Portfolio (BSIIX), which received US$3.6 million, and the BlackRock Strategic Global Bond Fund (MAWIX), which received US$486,000.

5% of all Bitcoins

Amid strong support from institutional investors, Bitcoin ETFs traded around the world now hold more than 1.1 million Bitcoin. The value corresponds to around 5% of the total supply of 21 million BTC.

According to data from blockchain analytics platform Dune, US-based ETFs collectively hold approximately 842,000 BTC, valued at around $57.2 billion. The remainder is divided among other global ETFs, including those listed in Brazil.

BTC price has shown slight upward movement but continues to trade below the crucial $70,000 resistance. Some of BTC’s on-chain data suggests a bullish move in the future.

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