In a significant achievement, BlackRock's spot Bitcoin ETF IBIT has now become the largest Bitcoin fund, surpassing Grayscale's GBTC. This milestone was reached on Tuesday, May 28, with IBIT recording over $100 million in new investments. During the past 24 hours, Bitcoin's price has risen by 1%, reaching above $68,700.

In just four months, BlackRock's IBIT has accumulated approximately $19.79 billion in assets under management (AUM). In contrast, Grayscale's GBTC has seen a decline of about $18 billion over the same period, now standing at $19.75 billion. This rapid growth has enabled BlackRock to overtake Grayscale as the world's largest Bitcoin spot ETF by AUM.

On May 28 alone, Bitcoin ETFs collectively saw inflows of 632 BTC, equivalent to $43.3 million. BlackRock led this surge with an addition of 1,505 BTC ($102 million), surpassing Grayscale. Fidelity also saw an increase, adding 505 BTC ($34 million), while Grayscale experienced a net outflow of 1,550 BTC ($105 million).

In another notable move, BlackRock disclosed adding nearly $4.1 million worth of IBIT shares to two of its other funds. According to a filing with the SEC, BlackRock allocated $3.6 million of IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX), and $486,000 to its BlackRock Strategic Global Bond Fund (MAWIX).

The influence of Bitcoin ETFs is growing, now encompassing approximately 5% of the total Bitcoin supply. Globally, Bitcoin ETFs hold about 1,002,343 BTC, valued at around $57.2 billion. This represents 4.27% of Bitcoin's current supply of 21 million coins.

While Bitcoin's price has shown slight upward movement, it remains below the critical resistance level of $70,000. Despite this, on-chain data for Bitcoin suggests potential bullish momentum in the future.

In conclusion, BlackRock's IBIT has emerged as a dominant force in the Bitcoin investment landscape, surpassing Grayscale to become the largest Bitcoin spot ETF globally. This shift underscores the increasing institutional interest in cryptocurrencies, as evidenced by substantial inflows into Bitcoin ETFs and strategic moves by major financial institutions.