Key Points:
- Spot Bitcoin ETFs trading volume saw a 34% surge to $1.05 billion, while Grayscale’s GBTC dropped 24% to $1.059 billion.
- Analysts foresee Grayscale GBTC’s selling pressure impacting Bitcoin prices in 1-2 months.
In a dynamic day for the crypto market, Bloomberg analyst Eric Balchunas reported a noteworthy surge in spot Bitcoin ETFs trading volume.
Read more: Grayscale Spot ETF: Basic Knowledge and Positive Future Outlook
Spot Bitcoin ETFs Trading Dynamic: Volume Surges and GBTC Trends
The spot Bitcoin ETFs trading volume of nine newly introduced Bitcoin ETFs exhibited a remarkable 34% increase, totaling $1.05 billion, contrasting with the prior day. Conversely, the Grayscale Bitcoin Trust (GBTC) witnessed a 24% decline in trading volume, settling at $1.059 billion.
Eric Balchunas, acknowledging the typical wane in trading volumes post-listing, emphasized the positive trajectory of all new ETFs, excluding GBTC. Despite GBTC’s stable volatility, a slight expansion in its negative premium was noted, potentially attributed to selling pressure.
Atlascap Invest has projected that the selling pressure from Grayscale GBTC could significantly impact Bitcoin prices in the next 1-2 months. Analyzing the outflow rate, it is estimated that the net outflow of Grayscale GBTC might exert an influence on Bitcoin price fluctuations for no more than two months.
JPMorgan analysts cautioned that continued profit-taking by GBTC investors could lead to further downward pressure on Bitcoin prices in the upcoming weeks.
In a separate development, BlackRock’s Bitcoin ETF achieved a significant milestone by surpassing $1 billion in assets under management on Wednesday. This achievement positions BlackRock as the first among the recent cohort of Bitcoin ETF providers to reach this noteworthy mark.
Last week, following approval by the US Securities and Exchange Commission, Bitcoin ETFs instantly surpassed silver ETFs in terms of assets and now trail only gold among commodity-focused US ETFs.
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