BlackRock ETF to Surpass GBTC in BTC Holdings in 3 Weeks

BlackRock ETF is on track to surpass GBTC in total Bitcoin (BTC) holdings in 3 weeks, assuming current inflow/outflow rates remain stable.

BlackRock’s ETF could potentially surpass Grayscale’s GBTC in the next 3 weeks. This assumes no significant shifts in the flow of current cryptocurrencies.

BlackRock ETF Grows Rapidly

As of March 22, BlackRock’s Bitcoin exchange-traded fund (ETF) held 238,500 Bitcoin (BTC). At the current price, this amount is equivalent to $15.5 billion. However, the fund has reported an average daily inflow of approximately $274 million, which is comparable to approximately 4,120 new bitcoins entering the fund each day.

While this is going on, Grayscale’s Bitcoin Trust (GBTC) has reported that it still has an estimated 350,252 bitcoins, which, at the present price, is equivalent to 24 billion dollars. For the past two weeks, it has seen an average daily outflow of over $277 million, which is comparable to approximately 4,140 BTC every day.

BlackRock ETF has the potential to surpass Grayscale in terms of the total amount of Bitcoin by April 11th, provided that there are no significant changes in the rate of the inflows and outflows.

If BlackRock ETF inflows were to revert to the daily average inflow of 7,200 bitcoin that occurred the previous week, this date might become even more imminent. This would indicate that the flip could take place within ten days. YouTuber George Tung announced on his CryptosRUs channel on March 20th that BlackRock will soon flip Grayscale.

“I say within the next two weeks — it’s going to happen.”

BlackRock ETF may surpass Grayscale and become the most significant institutional holder of Bitcoin in the world if it successfully does so. Coincidentally, Bitcoin GBTC recorded an astonishing $643 million in net withdrawals on March 18, marking the company’s most significant day of bleeding ever.

As a result of the increased number of withdrawals, numerous analysts have expressed concern about the possibility of Bitcoin’s price experiencing a downward trend. This is even though the flows have slightly increased in the following days.

Despite GBTC leading the outflows, senior Bloomberg ETF analyst Eric Balchunas remained unconcerned and anticipated a near-complete cessation of the exodus in the coming weeks.

As an additional point of interest, Blachunas hypothesized that the majority of the outflows that occurred over the previous week were the result of the failure of cryptocurrency companies like Genesis and Digital Currency Group owing to their “size and consistency.”

As of March 10th, the spot Bitcoin ETF offered by BlackRock officially surpassed the holdings of the cryptocurrency held by MicroStrategy. The amount of bitcoin that MicroStrategy has on its books as of publication is 214,246. This is after the company purchased an extra 9,000 bitcoins on March 19.