Summary
BlackRock’s iShares Bitcoin Trust (IBIT) is on track to surpass Grayscale Bitcoin Trust (GBTC) in assets by the end of the month. GBTC has seen a decrease in assets as investors switch to rival ETFs with lower fees. The value of Grayscale’s assets fluctuate with Bitcoin prices, which have gained 35% since January. Bitcoin ETFs have seen three straight days of outflows, totaling $149 million. The Bitcoin halving event is expected to take place on April 19.
Key Points
1. BlackRock’s iShares Bitcoin Trust (IBIT) is on track to surpass the Grayscale Bitcoin Trust (GBTC) in assets before the end of the month, according to analysts.
2. The gap between the two spot Bitcoin ETFs was around $4 billion last week, but the lead of GBTC is currently hanging at $2.3 billion.
3. GBTC has seen fluctuations in its assets under management, with a peak of over $43 billion in November 2021 and a drop to below $10 billion the following year. The approval of GBTC as a spot Bitcoin ETF in January saw its AUM at $28.6 billion, which has since decreased to $19.5 billion as investors shifted to lower-fee ETFs.