BlackRock's IBIT, a spot Bitcoin ETF, has emerged as the dominant player in the ETF space with over 636,000 BTC holdings.
Institutional investors increasingly view IBIT as the primary vehicle for Bitcoin exposure, leading to questions about market monopoly.
The concentration on IBIT raises concerns about market structure, liquidity, and the potential for smaller ETF closures or mergers.
Heavyweight investors like Mubadala Investment Company, Citadel Advisors, and Avenir Group have significantly increased their stakes in IBIT, indicating growing institutional trust.