BlackRock bitcoin ETF raking in flows as GBTC continues to bleed assets

The world’s largest asset manager has so far edged fellow financial giant Fidelity and crypto-focused firm Bitwise

share

BlackRock’s spot bitcoin ETF has notched $710 million in net flows over its first three trading days, according to Bloomberg Intelligence data — outpacing Fidelity, Bitwise and other rivals. 

Meanwhile Grayscale Investments’ Bitcoin Trust ETF (GBTC) continues to hemorrhage assets.

Data shared by Bloomberg Intelligence analyst Eric Balchunas on Wednesday shows Fidelity at the number two spot, with net inflows of $524 million during the three-day span. 

Loading Tweet..

A similar offering by Bitwise, as well as one by Ark Invest and 21Shares, have net flows of $305 million and $227 million, respectively, over that timeframe.

Read more: Bitcoin ETF Tracker

Five other spot bitcoin ETFs have not yet hit $100 million in net flows. 

The 10 spot BTC funds live in the US have notched combined volumes of roughly $10 billion and net flows of $782 million in their first three days trading. 

Though GBTC accounts for about half of that volume’s total, the fund has seen $1.2 billion in net outflows, according to Bloomberg Intelligence data. While BlackRock’s iShares Bitcoin Trust (IBIT) carries a fee of 0.25%, Grayscale’s GBTC fee stands at 1.5%.   

Read more: Why the planned fee for Grayscale’s bitcoin ETF is much higher than others

Grayscale launched GBTC in 2013 — though only last week was able to convert the trust to an ETF. The crypto asset manager disallowed redemptions for the trust years ago. Investors were previously only able to sell eligible shares of GBTC on the secondary market at a premium or discount to net asset value. 

Despite the GBTC ETF’s high price point compared to competing offerings, the company had said in a statement the fund could appeal to investors looking for “market-leading liquidity, tight spreads, high trading volumes and a decade-long track record of operational success.” 

The fund’s assets under management have dipped below $26 billion.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

Trace Morgan warns that the government shouldn’t “smash buy” without a long-term strategy

article-image

Coinbase Asset Management and One River CEO Eric Peters explains why crypto’s not yet focused on fundamentals

article-image

Over the past 24 hours, PumpSwap’s largest liquidity pool by volume contains tokens with the tickers DOGEMOON and ballscoin

article-image

10T Holdings’ Dan Tapiero predicts crypto listings on exchanges are a “mini step” for value moving onchain

article-image

The S&P 500 was mostly flat after a month of losses, and the Nasdaq has been slowly gaining

article-image

Movement Labs is once again at the core of some criticism after it declined to name a market maker offboarded by Binance