Hey folks,
Almost a year after the first spot Bitcoin ETFs hit the market, the rivalry between BlackRock and Grayscale is only getting sharper. What began as a win for investors is now a week-by-week contest to control the biggest slice of institutional crypto money.
How it started
Grayscale made the first move when its long-running GBTC trust turned into an ETF in January 2024. But it held on to a 1.5% fee, the highest in the market.
Then came BlackRock with its iShares Bitcoin Trust (IBIT), charging just 0.25% and backed by the same liquidity desks that move trillions in traditional markets. The difference was enough to send billions of dollars out of Grayscale and into IBIT.
Where things stand
By mid-2025, IBIT had passed $20 billion in assets, while GBTC’s redemptions topped $15 billion.
Last week, the pattern continued. Spot Bitcoin ETFs in the US recorded about $1.21 billion in net outflows. BlackRock’s IBIT lost roughly $581 million, Fidelity’s FBTC saw $438 million leave, and Grayscale’s GBTC managed small inflows of about $26 million.
The streak of redemptions broke briefly on November 6 when the funds pulled in $240 million in a single day. BlackRock led with $112 million, followed by Fidelity with $61 million, while Grayscale stayed flat.
Why it matters
These swings show that institutions are still trading Bitcoin ETFs actively, but trust and cost now matter as much as performance.
BlackRock continues to pitch its liquidity, scale, and custody safety. Grayscale is lowering fees and filing for new products like an Ethereum ETF and even crypto basket funds to stay in the game.
With roughly 15 spot Bitcoin ETFs live in the US, one in every three ETF dollars now sits with BlackRock. Grayscale still runs one of the largest single Bitcoin pools in the world, yet its dominance is slipping.
The scoreboard shifts every week, but the outcome will decide who shapes the future of institutional crypto investing.
The crypto market began the week on a cautiously optimistic note, with Bitcoin climbing about 4% to near $106,034 and Ethereum gaining over 5%. Trading volumes increased by more than 35% on major exchanges, backed by positive ETF flow data and stable macro sentiment. However, the altcoin landscape remained uneven, while tokens like Solana, Avalanche, and Dogecoin posted moderate gains, several mid-cap coins lagged.
Weekly price movement:
BTC $105,916 ⏬ 1.2% (1W)
ETH $3,596 ⏬ 2.7% (1W)
SOL $166 ⏬ 5.11% (1W)
AVAX $17 ⏫ 2.87% (1W)
DOGE $0.18 ⏫ 4.23% (1W)
(All data here as of 2:20 p.m., 10 November 2025)
Before we conclude, here’s a quick look at some important news from around the crypto world.
The crypto market could soon see some much-needed relief after the US Senate reached an agreement on a three-part budget deal to end the government shutdown, according to a report. Ongoing uncertainty over when the US government would reopen has been a key factor holding back Bitcoin and the broader crypto market from making a rebound, according to Cointelegraph.
Crypto services company Ripple has acquired the crypto custody and wallet company Palisade to expand its business and institutional-focused offerings. Ripple said that Palisade’s wallet-as-a-service offering would be integrated into Ripple Custody, its crypto custody arm targeting banks, and stated that the acquisition aims to serve “fintechs, crypto-native firms, and corporates,” according to Cointelegraph.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋