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Cryptocurrency News Articles
BlackRock's Bitcoin ETF Set to Overtake Grayscale's GBTC as Largest Crypto Holder
Mar 25, 2024 at 05:47 pm
Will BlackRock's Bitcoin ETF Eclipse Grayscale's GBTC?
BlackRock's spot Bitcoin ETF is poised to overtake Grayscale's GBTC in terms of total crypto holdings, potentially within the next three weeks. As of March 22nd, BlackRock's ETF held 238,500 Bitcoin (BTC), valued at $15.5 billion, while GBTC held 350,252 BTC, worth $23 billion.
Inflows and Outflows: A Tale of Two Funds
BlackRock's ETF has witnessed a surge in inflows, averaging $274 million per day, translating to approximately 4,120 new Bitcoins entering the fund daily. Conversely, GBTC has experienced outflows, averaging $277 million per day, equivalent to around 4,140 BTC leaving the fund.
A Matter of Days?
If these trends persist, BlackRock's ETF could surpass GBTC by April 11th. However, if BlackRock's inflows return to the previous week's daily average of 7,200 Bitcoin, the overtake could occur even sooner, potentially within 10 days.
GBTC's Record Outflows: A Cause for Concern?
GBTC recently recorded its largest daily net outflows, totaling $643 million on March 18th. While outflows have since moderated, analysts caution that they could indicate potential downward volatility in Bitcoin's price.
BlackRock Surges Past MicroStrategy
BlackRock's spot Bitcoin ETF has already surpassed MicroStrategy's holdings in the cryptocurrency, with MicroStrategy currently holding 214,246 BTC after purchasing an additional 9,000 BTC on March 19th.
Analyst Commentary
Bloomberg ETF analyst Eric Balchunas downplays the significance of GBTC's outflows, predicting that the exodus will likely subside in the coming weeks. He speculates that bankruptcies of crypto firms like Genesis and Digital Currency Group may have contributed to the recent outflows.
Conclusion
BlackRock's Bitcoin ETF is poised to become the world's largest institutional holder of Bitcoin, surpassing Grayscale's GBTC. The pace of inflows and outflows will determine the exact timing of this overtake, but it is likely to occur within the next few weeks.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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