BlackRocks Bitcoin (BTC) ETF continued to be the best ETF of all in recent months. If the current cash flow is… Ishares Bitcoin Trust (IBIT) If this continues, first place is possible within three weeks.
BlackRock wins
According to data from BlackRock As of March 22, there are 238,500 Bitcoins on the balance sheet, worth around $15.5 billion. About $274 million or 4,120 BTC comes in every day.
On the other hand, Grayscale’s Bitcoin ETF (GBTC) is showing a negative trend on a daily basis drain of $169.9 million. At this rate, BlackRock’s IBIT is likely to take first place The rankings within three weeks.
BlackRock and Fidelity have an advantage over Grayscale ETF
JPMorgan said in a report last Wednesday that BlackRock and Fidelity have an advantage over Grayscale in certain stocks. It is stated that the reduction of Administrative fees from 2% to 1.5% would not be enough to compete with the new parties. BlackRock charges a fee of 0.25%which is quite a big difference from grayscale.
Additionally, IBIT can technically be considered a trust, but with one important advantage. It can adjust its price to the daily trading price.
The difference between a Bitcoin ETF and a trust is that at the end of the trading day, the price of the fund can be set equal to the current trading price, something that usually only an ETF can do.
A trust is a fixed portfolio with no ability to adjust its assets to current prices. As a result, these products are often offered at a varying premium or discount compared to the underlying assets.
An end to the drains in sight?
Analyst Eric Balchunas predicted that outflows could stop in the coming weeks. He points out that much of the outflow occurs comes from Genesis and the Digital Currency Group. According to him, the number of crypto companies that have recently gone bankrupt is responsible for the majority of the outflow. This should decrease in the coming weeks.
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