BlackRock BTC ETF on Track to Overtake Grayscale’s GBTC

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Recent data suggests that the spot Bitcoin ETF offered by BlackRock is on the verge of surpassing Grayscale’s GBTC in terms of total Bitcoin holdings, marking a significant milestone in the institutional adoption of the leading digital asset. 

With no drastic changes in current flows, this shift could occur within the next three weeks, potentially reshaping the landscape of institutional Bitcoin ownership. It seems like the investment that BlackRock has made in Bitcoin is paying off, and the leading asset management firm also debuted a tokenized asset fund, the BlackRock USD Institutional Digital Liquidity Fund.

BlackRock ETF to Surpass GBTC

As of March 22, BlackRock’s Bitcoin ETF boasted 238,500 BTC, valued at $15.5 billion, with an average daily inflow of approximately $274 million. 

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In contrast, Grayscale’s GBTC reported holding an estimated 350,252 BTC worth $23 billion, experiencing an average daily outflow of roughly $277 million over the last fortnight.

BlackRock to Overtake GBTC by April 11

Given the consistent inflows into BlackRock’s ETF and the outflows from Grayscale’s trust, analysts predict that BlackRock could overtake Grayscale by April 11. This date could be expedited if BlackRock’s inflows return to higher levels than previously observed, potentially leading to the flip within 10 days.

Notably, if BlackRock surpasses Grayscale, it will become the largest institutional holder of Bitcoin globally, signifying a shift in the balance of institutional Bitcoin ownership. This development underscores the growing confidence among traditional financial institutions in the long-term viability of cryptocurrencies as an asset class.

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GBTC Outflows

The recent surge in outflows from GBTC, particularly the staggering $643 million net outflow on March 18, raised concerns among some analysts about potential downward volatility in Bitcoin’s price. 

However, others, like senior Bloomberg ETF analyst Eric Balchunas, remain optimistic, suggesting that the outflows could taper off in the coming weeks, possibly driven by factors such as the bankruptcies of crypto firms.

Fee War

Grayscale CEO Michael Sonnenshein recently confirmed plans to gradually lower fees on the Grayscale Bitcoin Trust (GBTC) Bitcoin ETF in order to dethrone BlackRock and Fidelity as leaders in the BTC ETF space.

Interestingly, BlackRock’s ascent in Bitcoin holdings also highlights its emergence as a significant player in the crypto market, surpassing even notable entities like MicroStrategy, which holds 214,246 BTC. 

However, MicroStrategy took the lead from the asset management firm after purchasing 12,000 bitcoins, totaling around $821.7 million in cash, bringing its total holding to 205,000 bitcoins.

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