BlackRock’s IBTC Trading Volume Close to Grayscale’s GBTC
BlackRock’s IBTC is making significant progress in the spot Bitcoin ETF race and is on track to overtake Grayscale’s GBTC in terms of trading volume. On January 30, Grayscale traded $397.2 million, while BlackRock traded $385.8 million, indicating a close competition between the two.
IBTC Gains Inflows, Grayscale Records Outflows
Since the SEC approved BlackRock’s ETF, it has seen substantial inflows along with Fidelity Investments and Bitwise. The trio recorded nearly $3 billion in inflows by the fourth trading day, surpassing Grayscale. Meanwhile, Grayscale’s trading volume mostly consists of outflows.
Intensifying Competition and Marketing Tactics
BlackRock and Fidelity are gaining traction and challenging Grayscale’s dominance. Their spot Bitcoin ETFs are outperforming Grayscale in terms of trading volume and investor interest. Issuers are exploring various tactics to establish their position in the market.
Invesco and Galaxy Investment Management Reduce Sponsor Fee
Invesco and Galaxy Investment Management have reduced the sponsor fee for their spot BTC ETF, moving it from 39 BPS to 25 BPS. This places their Bitcoin ETF alongside other competitors like FBTC, BRRR, and IBTC.
Grayscale Stands Firm on Fees as Google Allows ETF Ads
Grayscale remains proud of its 1.5% fee, claiming that lower fee issuers are simply trying to entice investors. Additionally, issuers can now advertise their offerings on Google following a revision of Google’s advertising policy.
Hot Take: BlackRock’s IBTC Challenges Grayscale’s Dominance
BlackRock’s IBTC is emerging as a strong contender in the spot Bitcoin ETF race, closing in on Grayscale’s GBTC in terms of trading volume. With inflows surpassing those of Grayscale, BlackRock and other issuers are intensifying their marketing efforts to establish their position in the market.
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