BlackRock and ProShares' Bitcoin ETFs Outpace GBTC's Daily Volumes

Jonathan Stoker Feb 02, 2024, 14:20pm 73 views

BlackRock and ProShares' Bitcoin ETFs Outpace GBTC's Daily Volumes

Bitcoin ETFs IBIT and BITO Outpace Grayscale's GBTC in Trading Volume

For the first time, BlackRock's IBIT and ProShares' BITO, both bitcoin (BTC) exchange-traded funds (ETFs), have surpassed the trading volume of Grayscale's GBTC. The shift in trading volumes was notably evident on Thursday.

Detailed Trading Volumes

On Thursday, both IBIT and BITO recorded higher trading volumes compared to GBTC. The former ended the day with $306 million in trades, while the latter noted $298 million. Comparatively, GBTC saw a marginally lower trading volume of $291 million, according to data from multiple sources.

ETF Daily Volumes Below $1 Billion

Bloomberg Intelligence analyst, James Seyffart, remarked Thursday as the day when the daily ETF volumes were less than $1 billion for the first time. It's worth noting, however, that these figures don't account for after-hours trading.

Grayscale's Trading Volumes and Recent Changes

Since their listing in early January, Grayscale has dominated the trading volumes among all bitcoin ETFs. A significant portion of these volumes has been associated with a selling pressure in the recent weeks. This shift occurred as GBTC investors realized their profits and moved to other providers, according to statements made by some banks.

FTX and Other Providers' Role in the Market

The bankrupt cryptocurrency exchange, FTXFTX$3.28 -5.38%, has sold over $1 billion worth of GBTC, as reported in the past. However, other providers have experienced gradual inflows. As of Thursday, all ETFs cumulatively hold bitcoin worth $28.6 billion.

Edited by Jonathan Stoker

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