BlackRock’s spot Bitcoin ETF may surpass the Grayscale Bitcoin Trust (GBTC) in Bitcoin holdings within the next 14 trading days, based on current trends. If the current flow remains stable, BlackRock’s iShares Bitcoin Trust ETF could hold more Bitcoin than Grayscale’s GBTC by April 11.
With an average daily inflow of around $274 million, BlackRock’s ETF is steadily accumulating Bitcoin, while GBTC has been experiencing daily outflows averaging roughly $277 million. If BlackRock’s inflows return to their previous average of 7,200 Bitcoin per day, the flip could occur even sooner, possibly within 10 days.
This potential shift would make BlackRock the world’s largest institutional holder of Bitcoin. Despite concerns about GBTC-led outflows causing downward price volatility in Bitcoin, analysts predict that the exodus could subside within the next few weeks. Additionally, the recent outflows from GBTC are speculated to be primarily due to bankruptcies of crypto firms like Genesis and Digital Currency Group.
