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Bitcoin ETF

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Grayscale’s Bitcoin Trust (GBTC) has demonstrated significant trading volume, surpassing the majority of existing exchange-traded funds (ETFs). 
According to industry expert Eric Balchunas, the fund traded close to half a billion dollars on January 8, outshining more than 99% of the approximately 3,000 current ETFs. 
Balchunas highlighted that if spot&nbsp;<a class="editor-rtfLink" href="https://cryptonews.com/coins/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a>&nbsp;ETFs are approved this week, Grayscale will enter the market with substantial trading volume, indicating a significant advantage over its competitors. 
Grayscale aims to convert its Bitcoin Trust into a spot ETF, pending approval from the Securities and Exchange Commission (SEC).&nbsp; 
This move would allow the trust to align with the evolving regulatory landscape and provide investors with enhanced access to Bitcoin. 
“GBTC&nbsp;<a href="https://www.grayscale.com/crypto-products/grayscale-bitcoin-trust">traded close to half a billion today</a>, which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else,” Balchunas wrote.&nbsp; 
<a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent. Another fascinating sub-plot. <a href="https://t.co/506EG3PR7t">pic.twitter.com/506EG3PR7t</a> 
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1744476227123994764?ref_src=twsrc%5Etfw">January 8, 2024</a> 
<h2 id="crypto-mining-firms-record-high-trading-activity">Crypto Mining Firms Record High Trading Activity</h2> 
 In addition to Grayscale’s impressive trading volume, crypto mining firms have experienced robust trading activity on American stock exchanges.&nbsp; 
On January 8, four prominent mining companies, including Marathon Digital, Riot Platforms, Cleanspark, and Terawulf, collectively amassed a trading volume of $208 million, as&nbsp;<a class="editor-rtfLink" href="https://finance.yahoo.com/most-active?offset=0&amp;count=50" target="_blank" rel="noopener">per data by Yahoo Finance</a>. 
Marathon Digital, in particular, emerged as the most heavily traded stock in the United States on that day, with a trading volume of $112 million, surpassing renowned tech giants such as Tesla, AMD, Nvidia, and Apple.&nbsp; 
Tesla, the second most traded stock in the U.S. on Monday, recorded a daily trading volume of approximately $85 million, illustrating Marathon Digital’s significant lead. 
This exceptional performance by Marathon Digital reflects the ongoing boom in the Bitcoin mining sector.&nbsp; 
Core Scientific, another prominent player in the industry, recently secured a $55 million equity investment as it successfully emerged from its debt crisis.&nbsp; 
The oversubscribed equity offering, which expired last week, positions Core Scientific for a relisting on the Nasdaq exchange once the bankruptcy proceedings are finalized, aligning the firm with other successful mining stocks. 
Furthermore, CleanSpark, a key player in the sector, announced a strategic agreement to potentially acquire up to 160,000 miners by the end of 2024.&nbsp; 
<h2 id="over-90-chance-for-spot-bitcoin-etf-approval">Over 90% Chance for Spot Bitcoin ETF Approval</h2> 
 As&nbsp;reported, Bloomberg analysts are increasingly optimistic about the <a href="https://cryptonews.com/news/bloomberg-analysts-predict-over-90-chance-of-us-approval-for-bitcoin-etf-polymarket-trims-odds-to-83.htm">approval of a spot Bitcoin ETF</a> in the United States, with the odds now exceeding 90%.&nbsp; 
In a recent post, Bloomberg ETF analyst Eric Balchunas commented on the likelihood of the Securities and Exchange Commission (SEC) rejecting proposals following a flurry of updated filings.&nbsp; 
Balchunas stated that he would assign a mere 5% chance of rejection, leaving a small possibility open for such outcomes.&nbsp; 
On the other hand, participants on Polymarket, a platform where users can place bets on various outcomes, have displayed a less optimistic view regarding the approval timeline.&nbsp; 
The betting market on Polymarket suggests that the odds of approval before January 15 have decreased, with participants wagering around $500,000 on the approval being delayed or even denied.&nbsp;

Grayscale’s Bitcoin Trust (GBTC) Outpaces Majority of ETFs with Half a Billion in Trading Volume

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Cryptonews.com

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