Bitcoin ETF

Bitcoin

James

The outlook of the spot Bitcoin ETF market has been diverse with one asset management firm leading now and another taking over in a few hours.&nbsp;
<h2 id="strong-grayscale-s-gbtc-trading-volume-hits-338m-strong">Grayscale’s GBTC Trading Volume Hits $338M</h2>
Bloomberg Intelligence data for spot Bitcoin ETF trading day 16 shows that Grayscale’s GBTC is leading the market with $338 million in trading volume. <a href="https://coingape.com/spot-bitcoin-etf-blackrock-closing-in-on-grayscales-volume/" rel="noopener noreferrer nofollow">BlackRock’s IBIT is following closely at second position with $233.4 million</a> and Fidelity’s FBTC is next with $176.4 million. By these statistics, it is obvious that Grayscale is winning a resounding victory over its closest competitors by more than $100 million.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The volume race isn't even close today. <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a> trouncing peers by over $100 mln. Another day with aggregate dollar volumes below $1 billion though <a href="https://t.co/xPCvIZPM3a" rel="noopener noreferrer nofollow">pic.twitter.com/xPCvIZPM3a</a>
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1753520754002379141?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 2, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Noteworthy, this new data arises in less than 24 hours after it was <a href="https://coingape.com/spot-bitcoin-etf-blackrock-finally-outshines-gbtc-in-this-metric/" rel="noopener noreferrer nofollow">reported that BlackRock outperformed</a> Grayscale. As of February 1, IBIT’s trading volume was around $303.4 million while that of Grayscale’s GBTC was $291.7 million. During this time, the total trading volume recorded was around $929.2 million. Currently, the spot Bitcoin ETF market has a total trading volume of $922.3 million, per the Bloomberg data.
While Grayscale’s volume has been outstanding, it is worth bearing in mind that many of its transactions since inception are outflows. On January 22, more than $640.50 million was <a href="https://coingape.com/bitcoin-etf-blackrock-triumphs-with-260-mln-inflow-as-grayscales-total-outflows-exceeds-3-bln/" rel="noopener noreferrer nofollow">recorded as net outflows</a> from&nbsp;Grayscale’s Bitcoin ETF. This was after it had recorded a major net <a href="https://coingape.com/bitcoin-etf-grayscales-gbtc-records-580-mln-net-outflow-on-day-5/" rel="noopener noreferrer nofollow">outflow of $580 million on the fifth trading day</a>.&nbsp;
The Jan. 22 net withdrawals pushed the total outflows from GBTC to $3.4 billion.&nbsp;
<h2 id="strong-grayscale-spot-bitcoin-etf-outflow-is-slowing-down-strong">Grayscale Spot Bitcoin ETF Outflow is Slowing Down</h2>
It is believed that the <a href="https://coingape.com/spot-bitcoin-etf-grayscale-outflows-slows-down-but-theres-a-catch/" rel="noopener noreferrer nofollow">outflows from GBTC are gradually slowing down</a>. This sentiment was declared after the Michael Sonneshein-led firm saw a total outflow of only $429.3 million on trading day 9.&nbsp;
Compared to the other days, this was a celebration-worthy drop in the amount of net outflows from Grayscale’s GBTC.&nbsp;
The newly recorded spot Bitcoin ETF data may be an indication that the net outflows from GBTC are really reducing and the sell-off might be over. Other Bitcoin ETFs are also performing better than they did 24 hours ago. However, Franklin Templeton’s EZBC has dethroned Valkyrie’s BRRR as the least-performing spot Bitcoin ETF in the United States.&nbsp;
With the majority of the spot Bitcoin ETFs in the market showing more inflows than outflow, the general assessment is that the market has a good traction.
The post <a href="https://coingape.com/grayscale-leads-spot-bitcoin-etf-race-as-investors-reassess-data/" rel="noopener noreferrer nofollow">Grayscale’s GBTC Leads by Wide Margin as Investors Reassess ETF Data</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Grayscale’s GBTC Leads by Wide Margin as Investors Reassess ETF Data

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