BlackRock's spot Bitcoin exchange-traded fund (ETF) is on the verge of outpacing Grayscale's Bitcoin holdings, potentially claiming the title of the world's largest institutional Bitcoin holder in the upcoming weeks.
The iShares Bitcoin Trust, managed by BlackRock, currently holds 238,500 Bitcoin valued at $15.5 billion, with daily inflows averaging $274 million, equivalent to approximately 4,120 Bitcoin. In contrast, Grayscale's Bitcoin Trust (GBTC) possesses 350,252 BTC worth $23 billion but faces daily outflows averaging around $277 million, equivalent to 4,140 BTC.
Unless significant changes occur, BlackRock is anticipated to surpass Grayscale by April 11, with the milestone potentially occurring sooner if BlackRock's inflows revert to the previous week's average of 7,200 Bitcoin daily.
CryptosRUs Analyst Forecasts BlackRock Surpassing Grayscale in Bitcoin Holdings within Two Weeks
CryptosRUs YouTuber George Tung forecasts BlackRock overtaking Grayscale within the next two weeks, highlighting the fluidity of Bitcoin investment dynamics and the evolving landscape of institutional involvement in the cryptocurrency market.
GBTC Outflows Reach Record Highs Amidst Market Turbulence, BlackRock's ETF Surpasses MicroStrategy's Bitcoin Holdings
GBTC has witnessed substantial outflows, with its largest single-day loss recorded at $643 million on March 18. Despite concerns about potential impacts on Bitcoin's price, Senior Bloomberg ETF analyst Eric Balchunas remains optimistic, suggesting the outflows may cease in the coming weeks. Balchunas also hinted at possible connections between the surge in outflows and financial challenges faced by crypto firms like Genesis and Digital Currency Group.
BlackRock's ETF has surpassed MicroStrategy's Bitcoin holdings, further solidifying its position in the crypto market. MicroStrategy currently holds 214,246 BTC following a recent acquisition of 9,000 BTC.
This transition underscores BlackRock's growing influence in the cryptocurrency sector and represents a pivotal moment in Bitcoin's institutional adoption. It reflects broader trends and challenges within the crypto industry, highlighting the dynamic nature of institutional investment in digital assets.