The potential amount of Bitcoin held in BlackRock’s spot Bitcoin ETF could surpass Grayscale’s GBTC in the next three weeks, assuming there are no significant changes in the current flows.
As of March 22, BlackRock’s Bitcoin ETF held 238,500 Bitcoin, valued at $15.5 billion at the current prices. The fund has been receiving an average daily inflow of around $274 million, which is equivalent to approximately 4,120 Bitcoin entering the fund every day.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) still holds an estimated 350,252 BTC, worth $23 billion. However, it has been experiencing an average daily outflow of approximately $277 million, equivalent to around 4,140 BTC daily over the past two weeks.
If there are no significant changes in the rate of inflows and outflows, BlackRock could surpass Grayscale in terms of the total Bitcoin held by April 11. This could happen even sooner if BlackRock’s inflows return to the previous week’s average of 7,200 Bitcoin per day, potentially leading to a flip in just 10 days.
In a video on his CryptosRUs channel, YouTuber George Tung stated, “BlackRock is going to flip Grayscale soon” on March 20.
If BlackRock surpasses Grayscale, it will become the largest institutional holder of Bitcoin globally.
On March 18, GBTC experienced a significant net outflow of $643 million, the largest recorded outflow in its history. While the outflows decreased slightly in the following days, the high volume raised concerns among analysts regarding potential downward volatility in Bitcoin’s price.
Bloomberg ETF analyst Eric Balchunas, however, remained relatively unconcerned about the GBTC-led outflows and predicted that the exodus could come to an end within the next few weeks.
Balchunas also speculated that most of the outflows from the previous week were due to bankruptcies of crypto firms like Genesis and Digital Currency Group, citing their “size and consistency.”
On March 10, BlackRock’s spot Bitcoin ETF officially 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.
Trezor CEO, Pavol Rusnak, commented that Bitcoin ETFs make Coinbase a target for hackers and governments in an interview with a magazine.