The Arkham Intelligence chart starkly illustrates this dramatic decline. Contributing to this outflow, major institutions such as Morgan Stanley and Goldman Sachs have significantly reduced their GBTC holdings in favor of BlackRock’s IBIT.
Morgan Stanley, for instance, has almost fully liquidated its $269.9 million GBTC position, now holding 5.5 million shares of IBIT worth approximately $187.1 million. Similarly, Goldman Sachs has reported holdings of nearly 7 million IBIT shares, valued at about $235 million, while retaining smaller positions in Grayscale’s converted funds.
Nate Geraci, president of The ETF Store, highlighted on social media platform X that IBIT has experienced only one day of net outflows since its launch. Supported by data from SoSoValue, IBIT has seen 26 days of zero net inflows or outflows, reflecting strong investor confidence.
Meanwhile, BlackRock’s spot Ethereum ETF, ETHA, ranks as the third-largest fund by AUM. Since its launch on July 22, ETHA has recorded no negative outflows, though it has had four days of net-zero trading.
Bitcoin Price Forecast: Major Roadblock at $62,000
The current Bitcoin price action 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 nearing 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.
