Bloomberg Analyst: BlackRock Spot ETF’s BTC Holdings Will Overtake MicroStrategy Sooner or Later

Bloomberg analyst Eric Balchunas posted on the X platform that BlackRock Bitcoin Spot ETF (IBIT) is most likely to surpass GBTC and become the liquidity king among Bitcoin spot ETF products. The total trading volume of the U.S. Bitcoin Spot ETF in its first three days was close to $10 billion. Eric Balchunas pointed out that a total of 500 ETFs will be launched in 2023. Today, the total trading volume of these ETFs is US$450 million. The trading volume of the best-performing ETF is US$45 million, and the trading volume of BlackRock IBIT alone exceeds these 500 The sum of ETF trading volumes. Eric Balchunas said: "Half of the 500 ETFs today have less than $1 million in trading volume. Getting trading volume is difficult, even harder than liquidity. Because trading volume must be formed naturally in the market and cannot be faked, it gives ETFs The ability to continue operating.” Eric Balchunas also said that BlackRock's position is strengthening in terms of Bitcoin holdings, and the question now is "when" it will surpass MicroStrategy, rather than "if" it will surpass MicroStrategy. The analysis found that the total trading volume of the two Bitcoin spot ETFs, BlackRock and Fidelity, exceeded $3.1 billion, most of which was capital inflows. In contrast, although the trading volume of Grayscale GBTC and ProShares' BITO products reached US$4.65 billion and US$3.26 billion respectively, accounting for more than 60% of the total trading volume, most of them were capital outflows, most likely due to investment Investors have chosen to sell after recouping their losses over the past year. (Cryptoslate)