The amount of Bitcoin in BlackRocks spot Bitcoin ETF could overtake crypto asset manager Grayscales GBTC within the next three weeks, assuming no drastic changes in current flows. <\/p>\n
As of March 22, BlackRocks iShares Bitcoin Trust ETF held 238,500 Bitcoin (BTC) on its books worth $15.5 billion at current prices and has seen average daily inflows of approximately $274 million, with around 4,120 in new Bitcoin entering the fund every day. <\/p>\n
Meanwhile, the Grayscale Bitcoin Trust (GBTC) ETF still holds an estimated 350,252 BTC worth $23 billion at current prices. It has seen average daily outflows of roughly $277 million, or approximately 4,140 BTC daily, over the last two weeks. <\/p>\n
Assuming no drastic changes in the rate of the inflows and outflows, BlackRock could overtake Grayscale in terms of total Bitcoin held by April 11. <\/p>\n
This date could come even closer if BlackRocks inflows were to return to the prior weeks daily average inflow of 7,200 Bitcoin, meaning the flip could occur in 10 days. <\/p>\n
BlackRock is going to flip Grayscale soon, YouTuber George Tung said in a March 20 video on his CryptosRUsYouTube channel. <\/p>\n
If BlackRock surpasses Grayscale, it will officially become the world's largest institutional holder of Bitcoin. <\/p>\n
Related: Bitcoin price clear for new record high as GBTC outflows drop to $170M <\/p>\n
On March 18, GBTC notched a staggering $643 million in net outflows, its largest day of bleeding on record. <\/p>\n
While the flows eased up a little since, the heightened volume of outflows saw several analysts warn of potential downward volatility in the price of Bitcoin. <\/p>\n
Senior Bloomberg ETF analyst Eric Balchunas wasnt too concerned by the GBTC-led outflows and predicted the exodus could be over almost entirely within the next few weeks. <\/p>\n
Additionally, Blachunas speculated that the majority of last weeks outflows came from bankruptcies of crypto firms such as Genesis and Digital Currency Group due to their size and consistency. <\/p>\n
On March 10, BlackRocks spot Bitcoin ETF officially outpaced MicroStrategys holdings of the cryptocurrency. As of the time of publication, MicroStrategy holds 214,246 BTC on its books after purchasing an additional 9,000 BTC on March 19. <\/p>\n
Magazine: Bitcoin ETFs make Coinbase a honeypot for hackers and governments Trezor CEO <\/p>\n
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BlackRock's ETF could flip GBTC in Bitcoin holdings within 3 weeks - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The amount of Bitcoin in BlackRocks spot Bitcoin ETF could overtake crypto asset manager Grayscales GBTC within the next three weeks, assuming no drastic changes in current flows. As of March 22, BlackRocks iShares Bitcoin Trust ETF held 238,500 Bitcoin (BTC) on its books worth $15.5 billion at current prices and has seen average daily inflows of approximately $274 million, with around 4,120 in new Bitcoin entering the fund every day. Continue reading