April

Grayscale Bitcoin Trust

BlackRock

Recent data suggests that the spot Bitcoin ETF offered by BlackRock is on the verge of surpassing Grayscale’s GBTC in terms of total Bitcoin holdings, marking a significant milestone in the institutional adoption of the leading digital asset.&nbsp;
With no drastic changes in current flows, this shift could occur within the next three weeks, potentially reshaping the landscape of institutional Bitcoin ownership. It seems like the investment that BlackRock has made in Bitcoin is paying off, and the leading asset management firm also debuted a tokenized asset fund, the<a href="https://thecoinrise.com/blackrock-debuts-digital-liquidity-fund-details/" rel="noopener noreferrer nofollow"> BlackRock USD Institutional Digital Liquidity Fund</a>.
<h2 id="span-style-font-weight-400-blackrock-etf-to-surpass-gbtc-span">BlackRock ETF to Surpass GBTC</h2>
As of March 22, BlackRock’s Bitcoin ETF<a href="https://www.blackrock.com/us/individual/products/333011/ishares-bitcoin-trust" rel="noopener noreferrer nofollow"> boasted</a> 238,500 BTC, valued at $15.5 billion, with an average daily inflow of approximately $274 million.&nbsp;
In contrast, Grayscale’s GBTC reported holding an estimated 350,252 BTC worth $23 billion, experiencing an average daily outflow of roughly $277 million over the last fortnight.
<h3 id="span-style-font-weight-400-blackrock-to-overtake-gbtc-by-april-11-span">BlackRock to Overtake GBTC by April 11</h3>
Given the consistent inflows into BlackRock’s ETF and the outflows from Grayscale’s trust, analysts predict that BlackRock could<a href="https://www.youtube.com/watch?v=8gg6TZYb" rel="noopener noreferrer nofollow"> overtake</a> Grayscale by April 11. This date could be expedited if BlackRock’s inflows return to higher levels than previously observed, potentially leading to the flip within 10 days.
Notably, if BlackRock surpasses Grayscale, it will become the largest institutional holder of Bitcoin globally, signifying a shift in the balance of institutional Bitcoin ownership. This development underscores the growing confidence among traditional financial institutions in the long-term viability of cryptocurrencies as an asset class.
<h2 id="span-style-font-weight-400-gbtc-outflows-span">GBTC Outflows</h2>
The recent surge in outflows from GBTC, particularly the staggering $643 million net outflow on March 18, raised concerns among some analysts about potential downward volatility in Bitcoin’s price.&nbsp;
However, others, like senior Bloomberg ETF analyst Eric Balchunas, remain optimistic, suggesting that the outflows could taper off in the coming weeks, possibly driven by factors such as the bankruptcies of crypto firms.
<h3 id="span-style-font-weight-400-fee-war-span">Fee War</h3>
Grayscale CEO Michael Sonnenshein recently confirmed plans to gradually lower fees on the Grayscale Bitcoin Trust (GBTC) Bitcoin ETF in order to dethrone BlackRock and Fidelity as leaders in the BTC ETF space.
Interestingly, BlackRock’s ascent in Bitcoin holdings also highlights its emergence as a significant player in the crypto market,<a href="https://thecoinrise.com/blackrock-btc-etf-now-holds-more-btc-than-microstrategy/" rel="noopener noreferrer nofollow"> surpassing even notable entities like MicroStrategy</a>, which holds 214,246 BTC.&nbsp;
However, MicroStrategy took the lead from the asset management firm after purchasing 12,000 bitcoins, totaling around $821.7 million in cash, bringing<a href="https://thecoinrise.com/microstrategy-surpasses-blackrocks-etf-with-record-205000-btc-holdings/" rel="noopener noreferrer nofollow"> its total holding to 205,000 bitcoins</a>.
The post <a href="https://thecoinrise.com/blackrock-btc-etf-on-track-to-overtake-grayscales-gbtc/" rel="noopener noreferrer nofollow">BlackRock BTC ETF on Track to Overtake Grayscale’s GBTC</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

BlackRock BTC ETF on Track to Overtake Grayscale’s GBTC

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