“BlackRock has surpassed Grayscale in assets under management (AUM) for publicly traded crypto products,” said James Butterfill, Head of Research at CoinShares. According to him, this happened faster than expected, highlighting the influence of established ETF providers on the market.

Eight months after the launch of spot Bitcoin ETFs, BlackRock has already accumulated $22 billion in its spot ETFs for Ethereum and Bitcoin, overtaking Grayscale with $20.7 billion, including their funds for Solana and Chainlink. “The launch of spot Ethereum ETFs in July played a crucial role,” added Butterfill, pointing to $2.3 billion in outflows from Grayscale’s Ethereum Trust (ETHE).

BlackRock, on the other hand, attracted $966 million to its spot Ethereum ETF. Butterfill also noted that the gap between Grayscale’s and BlackRock’s Bitcoin ETFs has narrowed to $1.5 billion. “Grayscale faces challenges in reclaiming its leading position, especially given the high fees,” he emphasized.