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

BlackRock’s IBIT and ProShares’ BITO became the first bitcoin (BTC) exchange-traded fund (ETF) to trade more volume than Grayscale’s GBTC product on Thursday, marking a shift from the usual.

IBIT ended Thursday with $306 million in trades placed, while BITO traded $298 million. GBTC saw a relatively lower $291 million in trades, data from multiple sources show.

Thursday was also the first time daily ETF volumes were below $1 billion, Bloomberg Intelligence analyst James Seyffart . These figures did not include after-hours trading.

Grayscale has led trading volumes among all bitcoin ETFs since their listing in early January. Most of these volumes have contributed to selling pressure in the past few weeks as GBTC investors took profits and shifted to other providers, some banks have previously stated.

Bankrupt crypto exchange FTX has sold over $1 billion worth of GBTC, as previously reported. Other providers, however, have seen gradual inflows and all ETFs hold a combined $28.6 billion worth of bitcoin as of Thursday.

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2024-02-02 15:46