Another Major Event Anticipated Shortly After Bitcoin Halving: Bloomberg Analyst Reveals Specific Date
With the imminent approval of Bitcoin Spot ETFs, investors are shifting their funds away from Grayscale’s GBTC product, which is notorious for its high fees, and opting for the more cost-effective Bitcoin Spot ETF product, IBIT, offered by BlackRock.
Market sentiment favors the bear as outflows from Grayscale’s formerly trust-based GBTC product increase, and crypto enthusiasts eagerly await the date when IBIT’s assets will surpass GBTC.
The inflows and outflows of these two products are meticulously tracked by investors. The market’s bullish or bearish leanings are frequently assessed based on these metrics. Recent observations reveal that inflows into IBIT have dwindled, while outflows from GBTC have surged.
Nonetheless, Bloomberg ETF analyst Eric Balchunas has pinpointed April 30 as the probable date when the quantity of BTC held in IBIT will surpass that held in GBTC. Balchunas emphasizes that GBTC currently maintains a lead over its closest competitor, IBIT, by approximately $2.3 billion. Nevertheless, this April 30 milestone could be accelerated if a substantial Bitcoin price rally ensues.
Balchunas amusingly refers to IBIT overtaking GBTC as the “flippening,” a term also used to speculate about Ethereum surpassing Bitcoin hypothetically.
*Please note that this content does not constitute investment advice.