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BlackRock’s spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) have flipped Grayscale’s products for the first time to become the largest crypto-focused publicly traded funds in terms of assets under management.

BlackRock’s bitcoin ETF, IBIT, and ether ETF, ETHA, overtook Grayscale’s GBTC, BTC Mini, ETHE and ETH Mini, according to on-chain holdings on Friday. The company’s ETFs now have the largest collective holdings of any provider, on-chain analysis tool Arkham said in an X post.

As of Friday, BlackRock’s ETF Holdings cumulatively held over $21.217 billion, compared to Grayscale's $21.202 billion across its ETFs.

Flows data shows GBTC recorded outflows of $25 million on Thursday, while BlackRock had no net inflows or outflows. Grayscale’s ETHE recorded $42 million in net outflows, while BlackRock’s ETHA took on $740,000 in net inflows, SoSoValue data shows.

IBIT became the biggest bitcoin ETF by assets under management in May, topping the $20 billion mark in June after their January release. Grayscale’s GBTC have lost $19.57 billion worth of BTC since January, data shows .