BlackRock’s spot Bitcoin exchange-traded fund (ETF) may surpass Grayscale’s GBTC ETF in terms of the amount of Bitcoin held within the next three weeks. Currently, BlackRock’s iShares Bitcoin Trust ETF holds 238,500 BTC, valued at $15.5 billion, with average daily inflows of approximately $274 million and around 4,120 BTC added to the fund daily.
In contrast, Grayscale’s Bitcoin Trust ETF still holds an estimated 350,252 BTC, worth $23 billion, but has seen average daily outflows of roughly $277 million, or approximately 4,140 BTC daily, over the past two weeks.
Assuming there are no significant changes in the rate of inflows and outflows, BlackRock could surpass Grayscale in terms of total Bitcoin held by April 11. This timeline could be accelerated if BlackRock’s inflows return to the previous week’s daily average of 7,200 BTC, potentially resulting in the flip occurring in just 10 days.
YouTuber George Tung expressed confidence in BlackRock’s ability to overtake Grayscale, stating, “BlackRock is going to flip Grayscale soon” in a video on his CryptosRUs YouTube channel.
If BlackRock does surpass Grayscale, it will become the largest institutional holder of Bitcoin worldwide.
Recently, GBTC experienced significant outflows, with a record-breaking $643 million on March 18. While the outflows have since decreased, some analysts have warned of potential downward volatility in Bitcoin’s price due to the heightened volume of outflows.
However, senior Bloomberg ETF analyst Eric Balchunas remains unconcerned by the GBTC-led outflows and predicts that the exodus could be nearly over within the next few weeks. Balchunas speculates that most of the outflows last week were a result of bankruptcies in crypto firms such as Genesis and Digital Currency Group.
On March 10, BlackRock’s spot Bitcoin ETF surpassed MicroStrategy’s holdings of the cryptocurrency. As of now, MicroStrategy holds 214,246 BTC after purchasing an additional 9,000 BTC on March 19.
In related news, Trezor CEO warned that the presence of Bitcoin ETFs on Coinbase makes the platform an attractive target for hackers and governments.