The amount of Bitcoin in BlackRock's spot Bitcoin ETF could surpass crypto asset manager Grayscale's GBTC in the next three weeks, assuming there are no drastic changes in current flows.
As of March 22, BlackRock's Bitcoin ETF fund held 238,500 Bitcoin (BTC) on its books - worth $15.5 billion at current prices, but boasted average daily inflows of about $274 million - or about 4,120 new Bitcoins entering the fund each day.
Meanwhile, Grayscale's Bitcoin Trust (GBTC) reports that it still holds an estimated 350,252 BTC - worth $23 billion at current prices. The last two weeks have seen an average daily outflow of about $277 million, or about 4140 BTC per day.
Assuming no drastic changes in the rate of inflows and outflows, BlackRock could overtake Grayscale in terms of total Bitcoin held by April 11.
That date could be even closer if BlackRock's inflows return to the previous week's average daily inflow of 7200 Bitcoin, a turnaround that could occur in 10 days.
"BlackRock is about to turn the gray scale," YouTuber George Tung said in a March 20 video on his CryptosRUs channel.
If BlackRock crosses the gray scale, it will officially become the largest institutional Bitcoin holder in the world.
On March 18, GBTC recorded a staggering $643 million in net outflows, its biggest-ever bleeding day.
While flows increased slightly in the following days, due to the increased volume of outflows, several analysts warned of potential downward volatility in Bitcoin's price.
Bloomberg ETF Senior Analyst Eric Balchunas was not overly concerned about the GBTC-led outflows and predicted that the exodus could end almost entirely in the next few weeks.
In addition, Balchunas speculated that most of last week's fund outflows were due to the bankruptcies of crypto companies such as Genesis and Digital Currency Group, due to their "size and consistency."
