Grayscale’s GBTC Dominates Spot Bitcoin ETF Trading Volume
The latest data from Bloomberg Intelligence reveals that Grayscale’s GBTC is leading the spot Bitcoin ETF market with a trading volume of $338 million. BlackRock’s IBIT is in second place with $233.4 million, followed by Fidelity’s FBTC with $176.4 million. This puts Grayscale ahead of its competitors by over $100 million.
BlackRock Previously Outperformed Grayscale
Interestingly, this data comes just 24 hours after it was reported that BlackRock had surpassed Grayscale. On February 1, IBIT’s trading volume was $303.4 million, while GBTC’s volume was $291.7 million. The total trading volume during this period was approximately $929.2 million. Currently, the spot Bitcoin ETF market has a total trading volume of $922.3 million.
Grayscale’s Outflows and Recent Improvement
While Grayscale has seen impressive trading volumes, it’s important to note that many of its transactions have been outflows. On January 22, net outflows from GBTC reached over $640.50 million, following a significant outflow of $580 million on the fifth trading day.
Slowing Down of Grayscale’s Outflows
The outflows from GBTC appear to be gradually slowing down, as evidenced by a total outflow of only $429.3 million on trading day 9. This decrease in net outflows is seen as a positive sign for the market.
Improved Performance Across Bitcoin ETFs
The recent data suggests that net outflows from GBTC are reducing and the sell-off may be coming to an end. Other Bitcoin ETFs are also performing better than they did 24 hours ago. However, Franklin Templeton’s EZBC has now become the least-performing spot Bitcoin ETF in the US, overtaking Valkyrie’s BRRR.
Positive Outlook for the Spot Bitcoin ETF Market
With most spot Bitcoin ETFs experiencing more inflows than outflows, it indicates that the market is gaining traction and showing positive signs of growth.
Hot Take: Grayscale’s GBTC Maintains Dominance in Spot Bitcoin ETF Trading Volume
The latest data reveals that Grayscale’s GBTC continues to lead the spot Bitcoin ETF market with a significant trading volume. Despite recent competition from BlackRock and others, Grayscale has managed to maintain its dominance. While outflows from GBTC have been a concern, there are signs of improvement as the net outflows gradually decrease. This positive trend, along with improved performance across other Bitcoin ETFs, suggests a promising outlook for the spot Bitcoin ETF market. As the market gains traction and shows signs of growth, investors can expect continued opportunities in this space.
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