“BTC Surpasses MicroStrategy in BlackRock’s IBIT Holdings, Outperforms GBTC Among Other ETFs”
Bitcoin hits a new all-time high on 3/11, surpassing 71K. In the futures market, nearly 90% of short positions were liquidated in the past four hours, with a value of approximately 55 million US dollars.
The Bitcoin spot ETF, which will open in 2024, has brought strong momentum to the Bitcoin price and reached a historic high of 70K on 3/8. The largest fund inflow in the ETF, BlackRock’s IBIT, has also surpassed MicroStrategy’s 193,000 Bitcoins. IBIT already holds 197,943 Bitcoins as of 3/8.
In addition, among the top ten ETFs, only Grayscale’s GBTC has shown a continuous net outflow. It currently holds nearly 400,000 Bitcoins. In the past two months, a total of 222,273 Bitcoins have been cashed out. The outflow has been around 4-5 thousand Bitcoins per day in the past week, with relatively large net inflows on Mondays.
The good news is that the total Bitcoin holdings of the other nine ETFs (409,241) have surpassed GBTC, indicating the market’s interest in Bitcoin. However, reaching these milestones does not necessarily mean that Bitcoin will be pushed up. The daily fund inflow of the other nine ETFs still fluctuates, and the difference between them and GBTC is almost a net outflow in a quantified manner, which has a certain impact on the market.
What can be confirmed is that the influence of Wall Street giants on the Bitcoin market has increased due to the ETF. BitMEX founder Arthur Hayes has also expressed concerns about Bitcoin being dominated by Wall Street, which could have a negative impact and lead to more involvement from large corporations and governments, thereby reducing Bitcoin’s agility.
GBTC, IBIT, Bitcoin, BlackRock.
