ETFs of BlackRock could swap GBTC in Bitcoin holdings

In just 14 trading days, BlackRock spot Bitcoin ETF might own more Bitcoin than the Grayscale Bitcoin Trust, considering current rates. The quantity of Bitcoin in BlackRock’s spot Bitcoin ETF may surpass that in Grayscale’s cryptocurrency asset manager, GBTC, in the next three weeks if there are no significant changes in current flows.

The iShares of BlackRock Bitcoin Trust ETF saw average daily inflows of about $274 million, with about 4,120 new Bitcoins entering the fund daily as of March 22. As of that date, the firm had 238,500 Bitcoin on its books, worth $15.5 billion at current prices.

However, the estimated 350,252 BTC that the Grayscale Bitcoin Trust (GBTC) ETF now owns, valued at $23 billion at current prices, are still held. Over the past two weeks, it has had average daily withdrawals of over $277 million, or about 4,140 BTC.

BlackRock may surpass Grayscale in terms of the total amount of Bitcoin held by April 11 if there are no significant fluctuations in the rate of inflows and outflows. If BlackRock’s inflows were to revert to the daily average of 7,200 Bitcoin from the previous week, this date might be closer still that is, ten days away.

In a video posted on his CryptosRUs YouTube channel on March 20, YouTuber George Tung declared, “BlackRock is going to flip Grayscale soon.”

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

BlackRock’s Ascendance in Bitcoin Holdings

BlackRock will hold more Bitcoin than any other institution in the world if it takes over Grayscale. The largest day of bleeding on record for GBTC occurred on March 18, when net outflows totaled an astounding $643 million.

Even if the outflows have decreased somewhat since they spiked, multiple analysts have cautioned about possible declines in the price of Bitcoin. The GBTC-led outflows didn’t worry senior Bloomberg ETF analyst Eric Balchunas too much, estimating that the exodus will almost certainly end in the coming weeks.

Furthermore, Blachunas predicted that because of the “size and consistency” of these cryptocurrency companies like Genesis and Digital Currency Group most of last week’s withdrawals resulted from bankruptcies.

MicroStrategy’s cryptocurrency holdings officially exceeded BlackRock’s Bitcoin ETF on March 10. At the time of publishing, MicroStrategy has 214,246 BTC on file after acquiring 9,000 BTC on March 19.