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BlackRock IBIT Holds Bitcoin Beyond Micro Strategy! GBTC has been surpassed by other ETFs

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Mar 11, 2024 pm 06:55 PM

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BlackRock IBIT Holds Bitcoin Beyond Micro Strategy! GBTC has been surpassed by other ETFs

The opening of the Bitcoin spot ETF in 2024 brought strong momentum to the price of Bitcoin, which hit $70,000 on March 8, setting a new all-time high. BlackRock IBIT has the highest inflows among ETFs, and the number of Bitcoins under management has surpassed the micro strategy’s 193,000 Bitcoins. As of March 8, IBIT held 197,943 Bitcoins.

In addition, among the ten ETFs, Grayscale GBTC is the only one that has shown continuous net outflows. Currently, there are still nearly 400,000 Bitcoins. In the past two months of transactions During the day, a total of 222,273 Bitcoins were outflowed and realized; in the past week, about 4,000 to 5,000 Bitcoins were outflowed every day.

The good news is that the sum of Bitcoin (409,241) in the other nine ETFs has surpassed GBTC, which may show the market’s interest in Bitcoin.

However, despite reaching these important milestones, it does not mean that Bitcoin will immediately rise. The daily capital inflows of the other nine ETFs are still fluctuating, and the net outflow gap with GBTC is almost quantitative, which has had a certain impact on the market.

The influence of Wall Street’s big names in the Bitcoin market is growing, especially with the emergence of ETFs. BitMEX founder Arthur Hayes has said that before the ETF was passed, he was worried about Wall Street’s control of the Bitcoin market. He worries that this may lead to Bitcoin being subject to more intervention by large companies and governments, thereby reducing Bitcoin’s freedom and activity.

BlackRock IBIT Holds Bitcoin Beyond Micro Strategy! GBTC has been surpassed by other ETFs

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