BlackRock Surpasses Grayscale’s GBTC in Daily Trading Volume

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In the ever-evolving landscape of cryptocurrency investment, the rise of Bitcoin (BTC) Exchange-Traded Funds (ETFs) has been a significant development. Recently, BlackRock’s Bitcoin ETF has made headlines by surpassing Grayscale’s GBTC in daily trading volume, signaling a shift in investor sentiment and adoption.

BlackRock ETF is the First to Trade Higher than GBTC in a Single Day

BlackRock, the world’s largest asset manager, made waves in the financial world when it launched its Bitcoin ETF, providing institutional and retail investors with a regulated and efficient way to gain exposure to the leading cryptocurrency. Since its inception, BlackRock’s ETF (IBIT) has steadily gained traction, with its daily trading volume now eclipsing that of Grayscale’s GBTC, a long-standing investment vehicle for Bitcoin.

As per The Block’s data dashboard, IBIT generated $303.97 million in daily trading volume on Thursday, while GBTC generated $292.37 million. Meanwhile, Fidelity (FBTC) generated $171.84 million, while the remaining new spot bitcoin ETFs generated below $100 million each.

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According to James Seyffart, Bloomberg ETF analyst, BlackRock’s ETF is the first to trade higher than GBTC in a single day. James mentioned that the Thursday trading was kind of a dud at $294 million, which is lower than $1 billion since the launch. However, the total trading volume for spot BTC ETFs is almost $30 billion. 

According to data from BitMEX Research, the total net inflows after 15 days of trading, now stand at about $1.4 billion.

Grayscale’s GBTC has Strong Competitors

While Grayscale’s GBTC has long been a popular choice for investors seeking exposure to BTC, its dominance in daily trading volume is challenged by the emergence of competing ETFs. BlackRock’s success in surpassing GBTC underscores the fierce competition within the industry and the need for innovation to stay ahead in a rapidly evolving market.

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Looking ahead, the rivalry between BlackRock’s Bitcoin ETF and Grayscale’s GBTC is likely to intensify as both vie for dominance in the burgeoning cryptocurrency investment space. As more investors flock to Bitcoin and other digital assets, the battle for market share among ETF providers is expected to heat up. Ultimately, it will benefit investors by offering greater choice and competition in the marketplace.

Trading Volume of Spot BTC ETFs

The trading volume of spot BTC ETFs has continued to soar, surpassing $22 billion since the approval of the 11 applications for the product filed by BlackRock, Bitwise, Fidelity, and others on January 10.

The top three ETFs by trading volume are Grayscale, Blackrock, and Fidelity, while ARK Invest and Bitwise each have over $500 million in assets under management. Recall that, spot BTC ETFs trading surpassed $4.5 billion on its first day, soaring past $1.74 billion in just the first hour.

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