Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/intense-rivalry-in-bitcoin-etf-market/" data-wpel-link="internal">Intense Rivalry in Bitcoin ETF Market</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/ripple-davasi-piyasayi-alt-ust-etti-xrp-cakildi-btc-eth-ada-ve-linkte-kayiplar-buyuk" data-wpel-link="internal">Bitcoin</a> ETF</strong> competition continues to heat up with Grayscale and BlackRock vying for the largest market share over the past two weeks. Both giants are in a fierce race to claim the title of the largest <a href="https://en.coin-turk.com/bitcoin-miners-selling-pressure-a-concerning-trend/" data-wpel-link="internal">Bitcoin</a> exchange-traded fund (ETF) provider in the US. Recent developments indicate that the gap between them is closing.</p> 
<h2 style="text-align: justify" id="gap-in-bitcoin-etf-market-narrows-to-1-5-billion">Gap in Bitcoin ETF Market Narrows to $1.5 Billion</h2> 
<p style="text-align: justify">Grayscale Bitcoin Trust (<strong>GBTC</strong>) currently holds the lead with $18.7 billion in assets under management (AUM). However, recent withdrawals from GBTC have paved the way for BlackRock’s iShares Bitcoin Trust (IBIT) to eye the leadership position.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-346270 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/bitcoin-407-2.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">BlackRock’s IBIT fund, with $17.2 billion in AUM, is very close to overtaking GBTC. This supports Bloomberg senior ETF analyst Eric Balchunas’s prediction that IBIT might surpass GBTC by the end of April. Although this prediction is not yet confirmed, the narrowing gap is evident.</p> 
<h2 style="text-align: justify" id="ibit-poses-as-a-significant-competitor">IBIT Poses as a Significant Competitor</h2> 
<p style="text-align: justify">There are signs that IBIT is progressing towards its goal of overtaking GBTC. Bloomberg Intelligence analyst Eric Balchunas commented on Twitter that GBTC’s leadership is weakening and IBIT is a significant competitor. However, a recent slowdown in BlackRock’s IBIT fund strengthens the possibility that Balchunas’s prediction might not fully materialize.</p> 
<p style="text-align: justify">Since its inception, IBIT has not experienced any withdrawals, which is noteworthy. In contrast, Grayscale’s GBTC has seen net withdrawals since its establishment. This shows that BlackRock’s IBIT fund is maintaining a strong stance in the market.</p> 
<h2 style="text-align: justify" id="gap-halved-in-two-weeks">Gap Halved in Two Weeks</h2> 
<p style="text-align: justify">Despite both funds experiencing significant inflows and outflows recently, the gap between them has been observed to decrease significantly. In the two weeks since Balchunas’s prediction, the difference between IBIT and GBTC has nearly halved from $2.3 billion to $1.5 billion. This indicates that BlackRock’s IBIT fund is making determined strides to overtake GBTC.</p> 
<p style="text-align: justify">The competition among Bitcoin ETFs is intensifying, and Grayscale and BlackRock are engaged in a determined struggle to capture the largest share of the market. Looking at the Bitcoin price, we see it has risen back above $61,000. <a href="https://en.coin-turk.com/bitcoin-smashes-through-2023-threshold-a-new-high-on-the-horizon/" data-wpel-link="internal">BTC</a> was at $61,220 at the time of writing this article.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/intense-rivalry-in-bitcoin-etf-market/" data-wpel-link="internal">Intense Rivalry in Bitcoin ETF Market</a></h5>

Intense Rivalry in Bitcoin ETF Market

Table of Contents

COINTURK NEWS

Other articles published on Apr 30, 2024

Is Dogecoin on the Verge of a Decline?

AI Hallucinations Brought Another Legal Trouble for OpenAI

Ethena Price Caught in Wedge Pattern Sets Renewed Recovery Beyond $1

Bitcoiners Fuming as Testnet Saboteur ‘Spoils the Jacuzzi’

Meme Coins’ Impact on Crypto Investment Trends

Google Podcasts shutdown: creators to migrate to YouTube Music before July

Join our free newsletter for daily crypto updates!