BlackRock Spot Bitcoin ETF Trading Volume Now Surpasses GBTC After 12 Trading Days

Key Points:

• BlackRock spot Bitcoin ETF trading volume surpassed GBTC within an hour on January 29.
• BlackRock now holds 52,025 BTC, valued at $2.18 billion, contributing to a total of 98,264 BTC worth $4.1 billion with Fidelity.

Bloomberg ETF analyst James Seyffart reported a noteworthy surge in the trading volume of a new product, BlackRock spot Bitcoin ETF IBIT, surpassing that of Grayscale Bitcoin Trust (GBTC) within just one hour of trading.

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

BlackRock Spot Bitcoin ETF Outpaces GBTC in Record Time

Seyffart highlighted this as a potential milestone, marking the first day a new trading product has outpaced GBTC in trading volume. As of now, IBIT’s trading volume stands at $155 million, eclipsing GBTC’s $113 million.

BlackRock has emerged as a significant player in the cryptocurrency market, currently holding 52,025 BTC valued at over $2.18 billion in the BlackRock spot Bitcoin ETF. Combined with Fidelity, the two investment giants now boast ownership of 98,264 BTC, amounting to $4.1 billion in their spot Bitcoin ETFs.

BTC price action has been resilient, reclaiming highs after an initial retracement in early trading days. Despite facing familiar challenges, particularly outflows from GBTC, the cryptocurrency closed the week on a positive note.

Seyffart noted that over $5 billion has exited GBTC since its conversion to an ETF. On January 26, the latest full day of trading, total net inflows into spot Bitcoin ETFs reached $759 million, even in the face of GBTC headwinds.

As the cryptocurrency market anticipates a dynamic week, the data reveals cautious optimism among market participants, with daily outflows from GBTC decreasing to $360 million at the time of writing, a further decline from the previous daily tally and approximately 50% of peak daily outflows.