According to ChainCatcher, Arkham has clarified in a post on the X platform that its on-chain tracking data shows that Grayscale's physical holdings are still larger than BlackRock's. This is mainly because the relevant data includes the Grayscale Fund GDLC, which has an asset management scale of approximately US$460 million, but is not an ETF. Arkham previously disclosed data that BlackRock's ETF holdings exceeded Grayscale Funds for the first time.