BlackRock’s ETF Could Replace GBTC in Bitcoin Holdings in 3 Weeks
Bitcoin volume in BlackRock's spot Bitcoin ETF could overtake crypto asset manager Grayscale's GBTC in the next three weeks, assuming no drastic changes in current flows.
In the year As of March 22, the BlackRock Bitcoin ETF held 238,500 bitcoins (BTC) on its books – worth $15.5 billion at current prices, but saw an average daily inflow of around $274 million – roughly 4,120 new bitcoins entering the fund each day.
Meanwhile, Greyscale's Bitcoin Trust (GBTC) reports that it still holds an estimated 350,252 BTC — $23 billion at current prices. Over the past two weeks, it has been experiencing an average daily outflow of around $277 million, or approximately 4,140 BTC.
Assuming there is no drastic change in the flow and rate of flow, BlackRock is likely to cross the grayscale in terms of total bitcoin holdings on April 11.
If BlackRock's earnings return to the previous week's average daily flow of 7,200 bitcoins, this date could be closer, meaning the reversal could happen within 10 days.
YouTuber George Tung said in a March 20 video on his CryptosRUs channel that “BlackRock will soon reverse grayscale.”
“I say in the next two weeks – it will happen.”
If BlackRock surpasses Greyscale, it will officially become the world's largest institutional owner of Bitcoin.
Related: Bitcoin price clear for new record as GBTC withdrawal drops to $170M
In the year On March 18, GBTC saw a net inflow of $643 million, the largest hemorrhaging day on record.
While the flows have trended slightly upward in the coming days, the high volume of outflows has seen several analysts warn of lower volatility in Bitcoin's price.
Senior Bloomberg ETF analyst Eric Balchunas was less concerned about the GBTC-led outflows and predicted that the outflow would almost certainly pass in the next few weeks.
In addition, Blachunas attributed much of last week's outflows to crypto companies such as Genesis and Digital Currency Group due to “volume and consistency.”
On March 10, BlackRock's Spot Bitcoin ETF outperformed MicroStrategy's cryptocurrency holdings. As of press time, MicroStrategy holds 214,246 BTC on its books after buying an additional 9,000 BTC on March 19.
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