BlackRock’s IBIT Overtakes Grayscale’s GBTC in Spot Bitcoin ETF Trading Volume
According to Bloomberg Intelligence data, BlackRock’s spot Bitcoin ETF has surpassed Grayscale’s GBTC in trading volume. As of February 1, BlackRock recorded a trading volume of around $303.4 million, while GBTC had $291.7 million. This shift is not unexpected, as BlackRock has been closing in on Grayscale in recent days.
Grayscale, BlackRock, and Fidelity Investments have been the top three performers in spot Bitcoin ETFs for several weeks. However, BlackRock and Fidelity Investments are now in tough competition with Grayscale.
Since its launch, BlackRock has seen steady growth in its spot Bitcoin ETF volume, reaching $250 million by January 31. Fidelity achieved a trading volume of $207 million at that time.
IBIT Takes the Lead
The latest market data confirms that BlackRock’s IBIT is now ahead of Grayscale’s GBTC by over $10 million in trading volume. This puts IBIT in first place, followed by GBTC and Fidelity’s FBTC.
The total trading volume from the ten approved spot Bitcoin ETFs by the SEC reached $929.2 million as of February 1. Valkyrie, which recently adopted BitGo as its custodian alongside Coinbase, recorded the lowest performance with only $1.6 million in trading volume.
Bitcoin Fluctuations
Bitcoin experienced volatility after the launch of spot Bitcoin ETFs. Its price surged to $46,000 but quickly dropped to around $38,000 within a week. However, Bitcoin has been recovering and is currently trading at $42,927.47.
Hot Take: BlackRock’s IBIT Emerges as a Strong Competitor in Spot Bitcoin ETFs
BlackRock’s IBIT has successfully overtaken Grayscale’s GBTC in spot Bitcoin ETF trading volume. This shift reflects the stiff competition among the top performers in the market. With IBIT taking the lead, it will be interesting to see how the rankings continue to evolve and which ETFs will dominate the spot Bitcoin market in the future.
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