Bitcoin ETF

Bitcoin

Nearly three weeks after the SEC approved spot BTC ETFs, an expert says BlackRock’s fund may outpace Grayscale in trades. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) retook the $43,000 mark and grew over 2% in a single day shortly after trading hours opened in the U.S. on Jan. 29. BTC’s trading volume also surged nearly 20% in 24 hours as crypto’s largest token aimed to erase losses suffered following a 10% drop on Jan. 22 when Bitcoin <a href="https://crypto.news/bitcoin-dips-below-40k-amid-btc-etf-selloffs/" target="_blank" rel="noreferrer noopener">fell</a> under $40,000. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="683" src="https://crypto.news/app/uploads/2024/01/BTC_1D_graph_coinmarketcap-1024x683.png" alt="Bitcoin" class="wp-image-14243290">
 <figcaption class="wp-element-caption">
 Bitcoin price | Source: CoinMarketCap
 </figcaption>
</figure> 
At the time, the sharp decline was <a href="https://crypto.news/jpmorgan-reports-gbtc-sell-declining-highlights-etf-record-outflows/">attributed</a> to selling pressure from GBTC outflows, the converted BTC exchange-traded fund (ETF) issued by crypto asset manager Grayscale. GBTC outpaced other ETFs from BlackRock and Fidelity in trading volume for the first two weeks, recording roughly $4 billion in <a href="https://crypto.news/spot-bitcoin-etfs-see-80m-net-outflows-on-thursday/" target="_blank" rel="noreferrer noopener">outflows</a>. 
 You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-net-outflow-what-investors-need-to-know/"> Spot Bitcoin ETFs’ net outflow: what investors need to know </a> 
However, Bloomberg’s James Seyffart said this pattern may be on the cusp of changing. Data showed that BlackRock’s iShares Bitcoin Trust (IBIT) boasted $2 million more than Grayscale’s GBTC in trades nearly two hours after trading opened. 
According to an Arkham Intelligence dashboard tracking issuer wallets, <a href="https://crypto.news/blackrock-and-fidelity-lead-billion-dollar-spot-bitcoin-etf-race/">BlackRock</a> also owns over 52,000 Bitcoins worth over $2.1 billion at current prices.&nbsp; 
While Grayscale had <a href="https://x.com/JSeyff/status/1752025966812004452?s=20" target="_blank">regained</a> its trading lead at press time, BlackRock’s fund may be the first spot BTC ETF to outclass GBTC’s volume since the United States Securities and Exchange Commission (SEC) approved such crypto-based investment product on Jan. 10. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Looking like today wont be the day but obviously not done yet. <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GBTC</a> just passed <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$IBIT</a> in volume. <a href="https://t.co/CCcIZ9KWbD" target="_blank">https://t.co/CCcIZ9KWbD</a> <a href="https://t.co/hz4Wb8FxK7" target="_blank">pic.twitter.com/hz4Wb8FxK7</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1752025966812004452?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 29, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Another precursor to Bitcoin’s price action may be the Federal Reserve’s Federal Open Market Committee meeting. There is a 97.9% chance that the Fed will maintain its 5.25%-5.5% range and pause rates, per the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener">CME FedWatch tool</a>. 
 Read more: <a href="https://crypto.news/google-new-ad-policy-boosts-bitcoin-etf-visibility/"> Google to tweak crypto ad policy, amplify Bitcoin ETF visibility </a>

Bitcoin back at $43k, BlackRock’s BTC ETF volume closes in on GBTC

crypto.news

Other articles published on Jan 29, 2024

Market Insight: Technical Synopsis of Render (RNDR) and Sui Cryptocurrencies

BRICS: China's Real Estate Firm to Liquidate $300 Billion in Assets

Robert Kennedy Jr. Join Hands with Donald Trump, Opposing CBDCs

Bitcoin ETF Ads Might Appear On Google From Today After Policy Update

Surprise Call from US Senator Ahead of FED’s Interest Rate Decision on Wednesday: Will the Decisi...

AI-Generated Tik Tok Stars Under Fire for Promoting Unrealistic Body Standards

Join our free newsletter for daily crypto updates!