According to PANews, Arkham clarified in a statement on the X platform that its on-chain tracking data showed that Grayscale's physical holdings were still larger than BlackRock's, mainly because the relevant data included the Grayscale Fund GDLC.
The fund has approximately $460 million in assets under management, but is not an ETF. Arkham previously disclosed data showing that BlackRock's ETF holdings exceeded Grayscale's for the first time.