BlackRock is taking lead on Robinhood among spot BTC ETFs. Check out the latest reports about this below.
BlackRock leads Robinhood among spot BTC ETFs
According to Steve Quirk, the chief brokerage officer of Robinhood, BlackRock’s spot bitcoin ETF has been the most popular among the 11 new funds available on the platform in terms of volume.
In an interview, he mentioned that “The BlackRock one has been the one that’s seen the most volume from our standpoint, with Grayscale right behind it.”
He added that customers are looking for a low-cost way to add bitcoin to their portfolios. While the BlackRock ETF is seeing more buys, Grayscale is currently experiencing more sales.
According to Quirk, about one-third of Robinhood users who recently invested in spot bitcoin ETFs did so after selling a portion of their existing portfolio.
This means that they sold some equity and then bought these ETFs, making them a component of their portfolio.
While BlackRock’s new ETF is generating more volume on Robinhood, Grayscale has seen the most activity among spot bitcoin exchange-traded funds in the broader market.
However, a significant portion of Grayscale’s volume has been generated by outflows, as reported by Bloomberg Intelligence.
The company has launched a spot bitcoin ETF by converting its flagship GBTC fund. This ETF charges a higher fee compared to some of its competitors but has a much larger asset under management.
Prior to the conversion, investors who wished to sell their shares faced a significant discount.
The world’s largest asset manager, BlackRock, recently released an advertisement for its newly approved Bitcoin exchange-traded fund (ETF).
The commercial emphasizes the convenience and ease of investing in the crypto king through BlackRock’s new product.
This comes after the U.S. Securities and Exchange Commission (SEC) approved all 11 spot BTC ETFs that were under consideration, marking a groundbreaking development for the investment industry.
