BlackRock’s IBIT Overtakes Grayscale’s GBTC in Daily Trading Volume
BlackRock’s IBIT, a spot bitcoin exchange-traded fund (ETF), surpassed Grayscale’s GBTC in daily trading volume for the first time on Thursday. According to data from The Block, IBIT generated $303.97 million in daily trading volume, compared to $292.37 million for GBTC. Fidelity’s FBTC came in third with $171.84 million. The remaining new spot bitcoin ETFs had volumes of less than $100 million each.
Cumulative Trading Volume Approaching $30 Billion
The cumulative trading volume for the spot bitcoin ETFs is now nearing $30 billion. Both BlackRock’s IBIT and Fidelity’s FBTC were already closing in on GBTC’s daily trading volume earlier in the week, and there was a point where they seemed likely to surpass Grayscale’s fund on Tuesday.
GBTC Market Share Decreases as Outflows Slow
The dominance of GBTC, which is a conversion of Grayscale’s previous Bitcoin Trust, has been declining due to significant outflows since its launch on Jan. 11. However, this dominance has started to subside recently as profit-taking on GBTC has largely concluded. JPMorgan analysts suggest that GBTC investors have been exiting the bitcoin space entirely instead of shifting to cheaper spot bitcoin ETFs.
Bitcoin Price and Performance
Bitcoin is currently trading at $43,060 with a 2% increase in the past 24 hours and a 4.4% increase over the last week. However, it remains down approximately 12% since the spot bitcoin ETFs began trading.
Hot Take: BlackRock’s IBIT Leads in Daily Trading Volume
BlackRock’s IBIT has taken the lead in daily trading volume, surpassing Grayscale’s GBTC. The cumulative trading volume for spot bitcoin ETFs is also approaching $30 billion. Meanwhile, GBTC’s market share has fallen as outflows slow down. Bitcoin’s price has seen some positive movement but remains lower since the launch of spot bitcoin ETFs. It will be interesting to see how these trends continue to develop and impact the cryptocurrency market.
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