Blackrock took over Grayscale as the largest crypto fund manager
Key receivers
BlackRock's IBIT ETF has grown to $21 billion in AUM since January. Greyscale's ETHE Fund, the US Ethereum ETF, has experienced $2.3 billion in outflows since it began trading.
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BlackRock ranks Grayscale as the largest digital asset fund manager in terms of assets under management (AUM). According to James Butterfill, head of research at CoinShares, BlackRock now holds more than $22 billion in crypto, while Grayscale is close to $21 billion.
The biggest difference between both asset managers resides in Bitcoin exchange-traded funds (ETFs). BlackRock's IBIT took the lead in February, a month after the ETF launched in the U.S., and has since grown to $21 billion in AUM, according to Defillama data.
Meanwhile, Greyscale's GBTC holdings have been shrinking over the period, down to $14.2 billion. Fidelity's FBTC is close to $11 billion inches on the tail of GBTC.
However, the gap in AUM between asset managers Ethereum (ETH) ETFs is pending on the grayscale side. ETHE holds about $5 billion in ETH, while BlackRock's ETHA has yet to reach $1 billion.
However, a similar landscape has presented itself in the Bitcoin ETF market, with BlackRock gradually covering ground and over grayscale. If history is anything to go by, the same could happen with Ethereum ETFs, and the numbers show that this is a likely scenario.
In less than a month since the Ethereum ETF began trading in the US, Grayscale has recorded $2.3 billion in outflows from its ETHE fund, according to data from Farside Investors. The fleeing cash was reduced to $222 million in revenue by the “ETH mini trust” token ETH.
On the other hand, BlackRock's inflows reached $966 million in the same period, up $10.6 million from seed.
Dominance of RWA
The US Treasury sector is one that BlackRock has been able to quickly overtake. Since launching its $40 million token fund BUIDL on March 20, BlackRock has raised about $518 million. This is about a 13-fold increase.
During the same period, Franklin Templeton's FOBXX fund grew by 21 percent, reaching $425 million.
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