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<h3 id="bitcoin-etf-bito-up-by-1-7b-and-gbtc-800m">Bitcoin ETF BITO Up by $1.7B and GBTC, $800M</h3>Bitcoin exchange-traded funds (ETFs) are making a great impact. Dollar 2.5 billion ETFs have been traded recently. It’s observed that ProShares Bitcoin Strategy ETF (BITO) and the Grayscale Bitcoin Trust (GBTC) hold great attention right now. BITO had an impressive trading week, with $1.7 billion traded. GBTC also saw a surge, raking in $800 million in volume, which helped reduce its discount to the Bitcoin spot price to two-year lows. The excitement stems from expectations of favourable regulatory changes in the United States regarding Bitcoin ETFs. Let us quickly take you through the digital trading market!<h3 id="here-s-what-s-happening">Here’s what’s happening</h3>ETF Trading Soars!ETFs like BITO and GBTC have collectively traded $2.5 billion.This surge is influenced by optimism about the approval of a<a href="https://www.coingabbar.com/en/crypto-currency-news/is-this-the-right-time-to-sell-bitcoin-holding" rel="noopener noreferrer nofollow"> Bitcoin</a> spot price-based ETF in the U.S. The trading activity extends beyond the direct cryptocurrency market, benefiting institutional investment options.BITO’s Strong PerformanceThe ProShares Bitcoin Strategy ETF (BITO) is the first futures-based ETF approved in the U.S. in 2021. It recorded substantial trading volume. BITO traded $1.7 billion. Last week was its second-highest trading week since its launch.GBTC’s Revival: GBTC Discount NarrowsThe Grayscale Bitcoin Trust (GBTC) also experienced remarkable trading activity, with $800 million in volume. This surge helped narrow the discount of GBTC’s share price to the actual Bitcoin spot price, reaching two-year lows. The decreasing discount of GBTC reflects renewed investor interest.What’s GBTC’s Legal Progress:Legacy Finance Takes NoticeGBTC’s resurgence began even before Bitcoin’s recent 15% price increase. Legal victories have played a role in <a href="https://www.coingabbar.com/en/crypto-currency-news/could-grayscales-legal-victory-boost-spot-bitcoin-etf-prospects" rel="noopener noreferrer nofollow">GBTC</a>’s resurgence. The steps were taken toward converting it into a spot ETF. The GBTC discount has significantly reduced, nearing levels not seen since November 2021.ARK Invest’s Position:Investment management firm ARK Invest plans to launch a Bitcoin spot ETF. It has decreased its GBTC holdings in line with the share price gains. GBTC now represents 10.24% of ARK Next Generation Internet ETF. This marked a notable change.<h4>Impact on Bitcoin Spot Price-Based ETF Approval in the U.S.</h4>The recent surge in Bitcoin ETF trading, notably BITO and GBTC, could boost the chances of the U.S. approving a Bitcoin spot price-based ETF. The growing investor interest indicates a mature market. Success of futures-based ETFs and narrowing discounts for GBTC demonstrate effective price tracking. Legal progress in converting GBTC to a spot ETF sets a precedent. The institutional involvement (e.g., ARK Invest) adds weight. In short, the strong performance of these ETFs signals the readiness of the market, potentially increasing the likelihood of approval for Bitcoin spot price-based ETFs in the U.S.Join: www.coingabbar.com

Crazy Week! Bitcoin ETF BITO traded $1.7B and GBTC, $800M

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