BlackRock Now Ahead of Grayscale in Trading Volume

The iShares Bitcoin Trust (IBIT) has surged ahead of the Grayscale Bitcoin Trust (GBTC) in terms of trading volume. 

Data from Bloomberg Intelligence shows that BlackRock’s product has a $40 million edge, but the data is not final. 

Recent trading volumes 

The iShares Bitcoin Trust (IBIT) posted an impressive volume of $219.3 million. Close behind, the Grayscale Bitcoin Trust (GBTC) experienced a trading volume of $181.7 million.

Other notable funds included the Fidelity Wise Origin Bitcoin Fund (FBTC) with a trading volume of $129.3 million, and the ARK 21Shares Bitcoin ETF (ARKB) which saw volumes reach $48.7 million. 

The Bitwise Bitcoin ETF (BITB) also made its mark with $18.9 million in trades, followed by the Invesco Galaxy Bitcoin ETF (BTCO) at $9.9 million.

Grayscale’s diminishing outflows

Grayscale seems to be witnessing a decrease in outflows, which may bode well for the trust’s stability. 

Grayscale’s outflows have been a significant concern for investors, with the trust reducing its Bitcoin holdings by 5,086 BTC, valued at approximately $218 million. 

However, in the broader landscape, eight ETFs, including the heavyweight Fidelity, have collectively added 8,907 BTC, worth around $382 million, with Fidelity itself contributing 5,422 BTC to this sum. 

These inflows into various ETFs have mitigated some of the bearish sentiment that previously pushed Bitcoin below the $40,000 mark.