Bitcoin ETF

Grayscale Bitcoin Trust

Spot

As the market witnesses a massive bull run in Bitcoin, the Spot ETFs are promoting the idea of BTC as a store of value. As investors watch the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> crossing above the $57,000 mark, the spot <a href="https://coingape.com/wall-street-bitcoin-etf-stong-pre-market-gains-btc-price-hit-60k/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs mark a significant milestone. These innovative investment vehicles have garnered significant attention, and recent activity has been nothing short of extraordinary.&nbsp;
On 26th February, a combined daily trading volume of $2.4 billion was witnessed across the nine Bitcoin ETFs, underscoring the market’s voracious appetite for Bitcoin-linked products.
<h2 id="span-style-font-weight-400-blackrock-s-bitcoin-etf-takes-a-pre-market-surge-span">Blackrock’s Bitcoin ETF Takes A Pre-Market Surge</h2>
Amongst the nine ETFs, BlackRock’s iShares Bitcoin Trust (<a href="https://coingape.com/blackrocks-ibit-hits-1b-daily-trading-milestone-on-bitcoin-rally/" rel="noopener noreferrer nofollow">IBIT</a>) has taken center stage with remarkable pre-market activities. Eric Balchunas, senior analyst at Bloomberg, shared about the $80 million traded in IBIT before the market even opened.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Another thing about <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> volume that's notable is the amt of pre-market activity.. check this out, it's already seen $80m traded.. only 5 ETFs have seen more activity ahead of mkt open. Unprecedented for 2mo-old ETF. <a href="https://twitter.com/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BITO</a> in 9th place makes me think lot of arb volume going on. <a href="https://t.co/cqa6ocbN0b" rel="noopener noreferrer nofollow">pic.twitter.com/cqa6ocbN0b</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762475594871124013?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
IBIT stands out, not just for the sheer volume of trading but for the unprecedented level of activity it represents for an ETF barely two months into its launch. With this surge, the bulls have propelled IBIT to surpass a whopping $7 billion in total value, a testament to the trust’s burgeoning dominance in the Bitcoin ETF space.
<a href="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313.png" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter size-full wp-image-182894" src="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313.png" alt="" width="1419" height="459" srcset="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313.png 1419w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313-300x97.png 300w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313-1224x396.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313-768x248.png 768w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-27-192313-150x49.png 150w" sizes="(max-width: 1419px) 100vw, 1419px"></a>
Source: <a rel="noopener noreferrer nofollow" href="https://www.blackrock.com/us/individual/products/333011/ishares-bitcoin-trust">Blackrock</a>
IBIT showcases a significant increase in Bitcoin holdings, indicating a bullish stance from investors and market watchers alike. The ETF’s ability to draw such high pre-market activity suggests robust confidence and a keen investor interest that could very well redefine the ETF landscape.
<h2 id="span-style-font-weight-400-grayscale-s-shrinking-outflows-span">Grayscale’s Shrinking Outflows</h2>
Amidst the bullish frenzy in the ETF sector, a decreasing outflow was observed in Grayscale’s spot Bitcoin ETF. The Grayscale Bitcoin Trust (GBTC) has seen its net outflows taper for three consecutive trading days, culminating in a record-low <a rel="noopener noreferrer nofollow" href="https://sosovalue.xyz/zh/assets/etf">outflow</a> of $22.4 million. Such diminishing outflows hint at a reversal of sentiment, potentially marking the beginnings of a bullish phase.
The situation with Grayscale is noteworthy. Net outflows have been decreasing significantly. Just last week, we saw a daily net outflow of $44.2 million. By the 26th, this had halved. It’s a clear sign of changing investor sentiment. Such a shift could influence Bitcoin’s market price. It could also affect its reputation as a sustainable investment.
<h2 id="span-style-font-weight-400-what-s-next-span">What’s Next?</h2>
The market dynamics are fascinating. On one side, new spot Bitcoin ETFs are seeing a rise in trading volumes. They are attracting significant inflows. On the other side, the decrease in outflows from established funds like GBTC is evident. This suggests that investor attitudes toward cryptocurrency ETFs are maturing. As trust in Bitcoin’s value grows, its bullish impact on the market looks promising.
The post <a href="https://coingape.com/with-80mn-pre-market-activity-blackrocks-bitcoin-etf-surpasses-7bn/" rel="noopener noreferrer nofollow">With $80Mn Pre-Market Activity, Blackrock’s Bitcoin ETF surpasses $7Bn</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

With $80Mn Pre-Market Activity, Blackrock’s Bitcoin ETF surpasses $7Bn

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