The iShares Bitcoin Trust (IBIT) has arose ahead of the Grayscale Bitcoin Trust (GBTC) in terms of trading volume.
The iShares Bitcoin Trust (IBIT) has arose ahead of the Grayscale Bitcoin Trust (GBTC) in terms of trading volume.
Bloomberg Intelligence data shows BlackRock’s product has a $40 million lead, but the data is not definitive.
Recent trading volumes
The iShares Bitcoin Trust (IBIT) recorded an impressive volume of $219.3 million. Close up, the Grayscale Bitcoin Trust (GBTC) saw a trading volume of $181.7 million.
Other notable funds included the Fidelity Wise Origin Bitcoin Fund (FBTC), with a trading volume of $129.3 million, and the ARK 21Shares Bitcoin ETF (ARKB), whose volume reached $48.7 million.
The Bitwise Bitcoin ETF (BITB) also made its mark with $18.9 million in trades, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $9.9 million.
Decreasing Grayscale Outputs
Grayscale appears to be seeing a decline in capital outflows, which may bode well for the stability of the trust.
Grayscale’s outflows have been a major concern for investors, as the trust reduced its Bitcoin holdings by 5,086 BTC, valued at approximately $218 million.
However, in the bigger picture, eight ETFs, including heavyweight Fidelity, have collectively added 8,907 BTC, worth around $382 million, with Fidelity itself contributing 5,422 BTC to this sum.
These inflows into various ETFs have mitigated some of the bearish sentiment that previously pushed Bitcoin below the $40,000 mark.
