BlackRock's IBIT has overtaken Grayscale ETF in daily trading volume
BlackRock's IBIT has overtaken Grayscale ETF in daily trading volume
BlackRock's spot Bitcoin exchange-traded fund (IBIT) recorded $303.97 million in daily trading volume, surpassing Grayscale's GBTC fund.
Grayscale's GBTC trading volume was $292 million. Previously, Grayscale's GBTC fund was the market leader in daily volume for spot Bitcoin ETFs. This has been the case since the launch of ETF trading.
At the close of trading on February 1, BlackRock's IBIT fund surpassed GBTC for the first time, according to The Block.
In third place is Fidelity's FBTC fund, with a trading volume of $171.84 million for the day. Meanwhile, all other spot Bitcoin ETFs show volumes of less than $100 million per day.
Grayscale's GBTC trading slowdown has been gradual, and by the end of January, trading volumes were almost even. In contrast, BlackRock and Fidelity have seen a steady increase in trading volumes of spot Bitcoin ETFs.
On his X page, Bloomberg ETF analyst James Seyffarth said: "BlackRock's IBIT is the first ETF to trade more than Grayscale's GBTC in a single day."
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On the day, total trading volume was slightly below the usual $1 billion, reaching $924 million for the first time. This brings the total trading volume of all spot Bitcoin ETFs since inception to nearly $30 billion.
IBIT also led in inflows with $163.9 million. FBTC saw inflows of $35.8 million. GBTC's outflow slowed to $182 million.
GBTC has higher fees, causing the fund to lose most of its assets, over $5.8 billion. High trading volume is important for funds because fees are paid based on volume.
Analysts at JPMorgan believe that GBTC's profit-taking is over, and the nine new spot Bitcoin ETFs have already accumulated more than 150,000 BTC. While GBTC's share of total trading volume used to be 63.9%, it has now fallen to 31.4% as of February 1st. IBIT's share is 32.6% of the trading volume, while FBTC's share is 18.4%.
