Arkham Intelligence’s chart perfectly illustrates this dramatic decline. Contributing to this flight, large institutions such as Morgan Stanley and Goldman Sachs have significantly reduced their GBTC holdings in favor of BlackRock’s IBIT.
Morgan Stanley, for example, has almost completely liquidated its $269.9 million position in GBTC, now holding 5.5 million shares of IBIT worth about $187.1 million. Similarly, Goldman Sachs said it holds nearly 7 million shares of IBIT, valued at about $235 million, while maintaining smaller positions in Grayscale’s converted funds.
Nate Geraci, president of The ETF Store, noted on social media platform X that IBIT has seen only one day of net outflows since its launch. Based on data from SoSoValue, IBIT has seen 26 days of zero net inflows or outflows, reflecting strong investor sentiment.
Meanwhile, BlackRock’s spot Ethereum ETF, ETHA, ranks third among the largest funds by assets under management. Since its launch on July 22, ETHA has not recorded any negative outflows, although it has had four days of zero net transactions.
Bitcoin Price Prediction: Major Hurdle at $62,000
The current Bitcoin price is facing a critical resistance level at $62,000, as highlighted by the Bollinger Bands and Parabolic SAR in the technical chart. The Bollinger Bands indicate that the price is approaching the upper band, suggesting potential resistance. This is further corroborated by the Parabolic SAR, which signals a possible reversal if Bitcoin fails to break above this level.
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