To the iShares. A few days later the long-awaited approval of spot Bitcoin ETFs, the time has already come to take stock. Because the goal now is to determine which of these financial vehicles will – and offer – better than the competition already rough. With the fees applied as the main entry point for investors in the starting blocks. And clearly, the first days of trading are already giving pride of place to the giant BlackRock and its iShares (IBIT)currently at the top of the ranking.
The ETF race is officially on
Those who thought they saw an end point in approval of spot Bitcoin ETFs must have been the members of the team sell the news. Because no sooner had these financial vehicles been approved by the SEC than another race began. And it is now a real cost war that fund managers deliver in real time.
At the same time, Gary Gensler, the embittered head of the SEC, continues to lead his personal cabal against the cryptocurrency sector. Because, obviously, this orange pill swallowed by traditional finance sticks in his throat.
But ultimately it doesn’t matter. Because even if the pug is at bay, the caravan of ETFs Bitcoin spot continues its nascent path. And clearly, the global leader in asset management BlackRock is already establishing itself as a key player in this new digital financial windfall.
BlackRock leads the pack
The data fell over the weekend, on the X account of Eric Balchunas, Bloomberg specialist for ETFs. And the main figure to remember is the amount of $1.5 billion already dumped on this market in just 48 hours.
An offer in which the giant BlackRock is in the lead. With, alone, not far from 500 million dollars of entries to the counter for its iShares (IBIT)
“Nine Newborns took in +$1.4 billion in cash, dwarfing GBTC’s -$579 million in outflows, for a net total of +$819 million. IBIT is now leading the pack with half a billion, Fidelity is nevertheless closing in on second place. The newborn’s trading volume of $3.6 billion across 500,000 individual transactions (1.2 million including GBTC) is very impressive, as is the average premium of 20 basis points. »
Why is BlackRock in such a good position? The specialists are unanimous: its fees are among the lowest currently offered. But the disproportionate impact of this behemoth of traditional finance also has something to do with it. And, second place goes to Fidelitywhich displays $422.3 millionwell ahead of third-place Bitwise ($237.9 million).
The race is officially on. For the moment, as the main interested party, Bitcoin seems to react rather timidly to this palpable excitement in traditional financial markets. In any case, the launch of its spot ETFs can already be presented as a success without too much risk.