Bitcoin With the approval of Spot ETFs, there are large outflows from Grayscale’s GBTC product, which attracts attention with its high fee, and intense inflows to BlackRock’s more reasonable Bitcoin Spot ETF product, IBIT.
The outflows from Grayscale’s GBTC product, which previously operated as a trust, are evaluated in favor of the bear by the market, and the date when IBIT’s assets will surpass GBTC is eagerly awaited.
Fund inflows and outflows of two products cryptocurrency It is closely observed by its followers and whether the market is on the bear or bull side is evaluated according to this metric. It is noteworthy that the inflows to IBIT have decreased and the outflows from GBTC have increased in recent days.
However, Bloomberg ETF analyst Eric Balchunas pointed out in his statement that April 30 will be the date when the amount of BTC in IBIT will exceed that of GBTC.
According to the analyst, GBTC is currently ahead of its closest rival, IBIT, with a difference of $2.3 billion. Balchunas added that this April 30 date could be pushed forward if there is a major rally in the Bitcoin price.
The analyst described IBIT overtaking GBTC as “flippening,” which is also used when Ethereum hypothetically overtakes Bitcoin.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!