BlackRock’s Bitcoin ETF Surpasses GBTC in Daily Volume
The Exchange Traded Fund (ETF) on Bitcoin managed by BlackRock has recently surpassed the daily volume of the Exchange Traded Product (ETP) GBTC converted, managed by Grayscale. In particular, IBIT recorded a trading volume of $304 million, surpassing GBTC’s $292 million.
BlackRock’s Bitcoin ETF Leads in Daily Volume
After 14 days of dominance by Grayscale’s converted product, BlackRock’s IBIT has surpassed GBTC for the first time. Yesterday, IBIT recorded a daily trading volume of $303.97 million, surpassing GBTC’s $292.37 million. Fidelity’s FBTC is in third place with a volume of $171.84 million.
Spot Bitcoin ETFs Approach $30 Billion in Trading Volume
The cumulative trading volume for spot bitcoin ETFs is now approaching $30 billion. BlackRock’s IBIT led in terms of inflows on Thursday, with a $163.9 million increase in the fund. FBTC by Fidelity was second with inflows amounting to $35.8 million, while GBTC recorded outflows of $182 million.
The Decline of GBTC and Rise of Spot Bitcoin ETFs
The previous supremacy of GBTC has seen significant outflows since its launch, while the new spot bitcoin ETFs have recorded combined inflows of $7.2 billion. However, profit-taking on GBTC appears to have largely concluded as investors abandon the bitcoin space instead of switching to cheaper spot bitcoin ETFs.
Market Share Shifts Among Spot Bitcoin ETFs
The nine spot bitcoin ETFs have accumulated over 150,000 BTC, while GBTC’s market share for trading volume has decreased. Currently, IBIT has risen to 32.6% and FBTC to 18.4%, while GBTC’s market share is at 31.4%. The price of Bitcoin is around $43,060, marking a 2% increase in the last 24 hours.
Hot Take: The Rise of BlackRock’s Bitcoin ETF
The daily trading volume of BlackRock’s Bitcoin ETF has surpassed that of Grayscale’s GBTC, signaling a shift in dominance within the crypto market. This milestone demonstrates the growing popularity and acceptance of ETFs as a way to invest in Bitcoin. With the cumulative trading volume for spot bitcoin ETFs approaching $30 billion, it is clear that investors are increasingly drawn to these investment vehicles.
As more institutional players like BlackRock enter the space, it will be interesting to see how the market dynamics continue to evolve. Will GBTC be able to regain its dominance, or will other spot bitcoin ETFs continue to gain traction? Only time will tell, but for now, BlackRock’s IBIT is leading the way.
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