Bitcoin ETF

Bitcoin

BlackRock

<p><span style="font-weight: 400;">BlackRock’s </span><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-as-blackrock-says-clients-focus-overwhelmingly-on-btc-traders-flock-to-this-alternative-thats-about-to-close" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> ETF (exchange-traded fund) is on track to surpass Grayscale’s GBTC in BTC holdings in as soon as two weeks.</span></p>
<p><span style="font-weight: 400;">“</span><span style="font-weight: 400;">BlackRock is going to flip Grayscale soon,”</span><span style="font-weight: 400;"> said crypto YouTuber George Tung in a Mar. 20 </span><a href="https://youtu.be/8gg6TZYbwIg" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">video</span></a><span style="font-weight: 400;"> on his CryptosRUs channel. “I say within the next two weeks – it’s going to happen.”</span></p>
<p><span style="font-size: calc(1.325rem + 0.9vw); background-color: var(--bs-body-bg); color: var(--bs-body-color); font-family: var(--bs-body-font-family); text-align: var(--bs-body-text-align);">BlackRock’s Bitcoin ETF Gains As Grayscale Loses</span></p>
<p><span style="font-weight: 400;">BlackRock’s IBIT </span><a href="https://www.blackrock.com/us/individual/products/333011/ishares-bitcoin-trust" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">held</span></a><span style="font-weight: 400;"> 238,500 BTC, worth nearly $16 billion at the market leader’s current </span><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">price</span></a><span style="font-weight: 400;">, as of Mar. 22. This is after the fund recorded an average daily inflow of 4,120 BTC worth more than $276.3 million. </span></p>
<p><span style="font-weight: 400;">Grayscale’s Bitcoin Trust (GBTC) witnessed a different trend during the same period. Investors withdrew an average of 4,410 per day throughout the past two weeks. Despite this, Grayscale still reports that GBTC holds approximately 350,252 BTC, valued at more than $23.4 billion.&nbsp;</span></p>
<p><span style="font-weight: 400;">Should the fund flow trends at the two funds continue at a similar pace, BlackRock would overtake Grayscale in terms of the amount of Bitcoin held by Apr. 11.</span></p>
<p><span style="font-weight: 400;"> A surge in IBIT’s inflows, such as the 7,200 BTC daily average recorded in the previous week, would catapult BlackRock to the No. 1 spot even sooner.&nbsp;</span></p>
<p><span style="font-weight: 400;"><img decoding="async" src="https://www.bnnbloomberg.ca/polopoly_fs/1.2021236!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/the-blackrock-headquarters-in-new-york-photographer-angus-mordant-bloomberg.jpg" alt="BlackRock Buys Infrastructure Firm GIP for $12.5 Billion in Major Alternatives Push - BNN Bloomberg"></span></p>
<h2 id="span-style-font-weight-400-gbtc-s-bitcoin-etf-suffers-its-biggest-daily-outflow-since-conversion-span"><span style="font-weight: 400;">GBTC’s Bitcoin ETF Suffers Its Biggest Daily Outflow Since Conversion&nbsp;</span></h2>
<p><span style="font-weight: 400;">Since its conversion at the start of the year, GBTC recorded its </span><a href="https://twitter.com/EricBalchunas/status/1770953684815405074" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">largest daily net outflow</span></a><span style="font-weight: 400;">&nbsp;of $643 million on Mar. 18.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The more I think about it the more likely the uptick in flows is related to the bankruptcies bc of the size and consistency. The flows in Feb showed what retail outflows look like, smaller and random pattern. Also any Gemini/Genisis outflows likely buying btc w cash hence market…</p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1770968531632357789?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">Senior Bloomberg ETF analyst Eric Balchunas said the surge in outflows might be caused by </span><span style="font-weight: 400;">the Genesis and Digital Currency Group bankruptcies, prompting him to speculate that the “worst is prob close to being over.”&nbsp;</span></p>
<p>Michael Saylor’s MicroStrategy currently holds 214,246 BTC after buying 9,000 more BTC on March 19.</p>
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BlackRock’s Bitcoin ETF On Track To Surpass Grayscale’s GBTC In As Little As Two Weeks

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