According to a report from The Block, after Grayscale’s GBTC dominated the trading volume of Bitcoin spot ETF for 14 consecutive trading days, BlackRock’s IBIT surpassed GBTC for the first time on Thursday (1st). Data from The Block shows that IBIT’s daily trading volume on Thursday was $303.97 million, while GBTC was $292.37 million. Fidelity’s FBTC ranked third with a volume of $171.84 million, and the trading volume of other new Bitcoin spot ETFs was less than $100 million.
Source: The Block
James Seyffart, an ETF analyst at Bloomberg, stated on X platform that BlackRock’s IBIT is the first ETF to surpass Grayscale’s GBTC in daily trading volume. However, the total trading volume was low yesterday, at only $924 million, and the total dollar trading volume has fallen below $1 billion for the first time since the launch of spot ETFs. As of Thursday, the cumulative trading volume of US Bitcoin spot ETFs has approached $30 billion.
The flow of funds in ETFs
According to data from BitMEX Research, BlackRock’s IBIT also ranked first in terms of fund inflows on Thursday, increasing by $163.9 million, while FBTC ranked second with a net inflow of $35.8 million. GBTC recorded a net outflow of $182 million, the lowest since January 11th.
The total net inflow of Bitcoin spot ETFs yesterday was $38.5 million, marking the fifth consecutive day of net inflows. After 15 days of trading, the total net inflow amount is approximately $1.4 billion.
Source: BitMEX Research
GBTC is converted from Grayscale’s previously launched Bitcoin Trust and is not a new Bitcoin spot ETF like others. According to data from BitMEX Research, the higher-cost GBTC has seen outflows of assets worth over $5.8 billion since the 11th, while the total inflow of the other 9 ETFs is $7.2 billion.
As GBTC’s outflow slows down, its market share continues to decline. As of Thursday’s data, GBTC’s market share further dropped to 31.4% in the past few days, while IBIT was 32.6% and FBTC was 18.4%.
Source: The Block
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