BlackRock‘s spot Bitcoin ETF is on track to surpass Grayscale’s Bitcoin holdings, potentially becoming the largest institutional holder of Bitcoin in the coming weeks.
BlackRock’s ETF, the iShares Bitcoin Trust, currently holds 238,500 Bitcoin, valued at $15.5 billion, with daily inflows averaging $274 million or around 4,120 Bitcoin.
In contrast, Grayscale’s Bitcoin Trust (GBTC) has 350,252 BTC, worth $23 billion, but faces daily outflows of about $277 million, equivalent to 4,140 BTC.
Without significant changes in these trends, BlackRock is expected to overtake Grayscale by April 11, a milestone that could be reached even sooner if BlackRock’s inflows return to the previous week’s average of 7,200 Bitcoin daily.
George Tung, a YouTuber known for his channel CryptosRUs, predicted, “BlackRock is going to flip Grayscale soon,” estimating the shift to occur within the next two weeks.
This development underscores the dynamic landscape of Bitcoin investment, with BlackRock poised to claim the title of the world’s largest institutional Bitcoin holder.
The narrative of this transition is further complicated by the record outflows from GBTC, which experienced its largest single-day loss of $643 million on March 18.
These outflows have raised concerns about potential impacts on Bitcoin’s price, though Senior Bloomberg ETF analyst Eric Balchunas remains optimistic, suggesting the exodus could end within weeks.
He also hinted that the recent surge in outflows might be linked to the financial troubles of crypto firms like Genesis and Digital Currency Group.
Adding to BlackRock’s momentum, its ETF recently surpassed MicroStrategy’s Bitcoin holdings, making it a significant player in the crypto space.
As of now, MicroStrategy holds 214,246 BTC, following a recent acquisition of 9,000 BTC.
This shift not only highlights BlackRock’s expanding influence in the cryptocurrency market but also marks a pivotal moment in the institutional adoption of Bitcoin, reflecting broader trends and challenges within the crypto industry.
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