"BlackRock's holdings in BTC now seem small, fearing that he will suddenly have the most."
Indeed, many expected BlackRock's iShare Bitcoin Trust (IBIT) to gain significant traction, but Grayscale managed to outdo it by recording $1.9 billion in trading volume since the BTC ETF first traded.
More than two trading days later, BlackRock only holds 11,439 BTC worth over $497 million for their spot BTC ETF and the giant firm is now preparing to bring its spot Ethereum (ETH) ETF to market soon.
Through observation, the newly launched spot BTC ETF did not perform as expected as the price of BTC fell almost $41,000 after rising to $46,000 before the Securities and Exchange Commission (SEC) announced the decision to approve the product.
There are several different factors influencing the downward trend in BTC, among them is veteran crypto trader Ran Neuner who says that Grayscale Bitcoin Trust (GBTC) has contributed significantly to its price drop.
However, some major market players are still optimistic about the future of BTC with leading crypto analyst Michael van de Poppe predicting that the price will reach $600,000 which is a 1,176% increase in the near future.
On the other hand, the Chief Executive Officer (CEO) of BlackRock Larry Fink who expressed his belief in BTC has seen it as an alternative form of wealth storage rather than a competitor to replace the national currency.
Despite that, he is very confident that the central bank digital currency (CBDC) will bear fruit in the future as it will apply blockchain technology.
