7 months ago
23 ARTICLE AD
The firm now holds $3 billion worth of Bitcoin in its spot Bitcoin fund.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has outpaced Grayscale’s Bitcoin Trust (GBTC) in daily trading volume, Bloomberg ETF analyst James Seyffart shared in a post today. BlackRock’s IBIT was the first ETF to outstrip Grayscale’s GBTC in terms of daily trading volume, reaching over $303 million compared to GBTC’s $291 million.
Update for The #Bitcoin ETF Cointucky Derby. Total net inflows of +$38 mln yesterday. -$182 mln left $GBTC. Newborn Nine took in +$220. As stated yesterday, it was the first day that one of these new ETFs ( $IBIT) traded more than $GBTC. pic.twitter.com/kFz8zFxjJc
— James Seyffart (@JSeyff) February 2, 2024
This development is particularly striking given GBTC’s historically dominant position, which consistently shows higher trading volumes compared to other ETFs. IBIT has also achieved a new milestone by hitting $3 billion in assets under management.
Seyffart pointed out in another post that the new wave of spot Bitcoin ETFs has seen remarkable success since their launch, with standout performers including BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB, and Bitwise’s BITB.
All of the new ETFs are doing well but these 4 are doing really well. $IBIT, $FBTC, $ARKB, $BITB. https://t.co/pvnmU6U3DQ
— James Seyffart (@JSeyff) February 1, 2024
According to BitMEX Research’s data, IBIT saw a net inflow of approximately $164 million, while GBTC saw an outflow of $182 million. There has been a slowdown in GBTC’s outflows for the past five consecutive days, with yesterday’s outflow being the lowest, except for the first day.
Bitcoin ETF Flow – Day 15
All data out. Net flow of +$38.5m for day 15. Relatively quiet day it seems pic.twitter.com/L478MuK9v1
— BitMEX Research (@BitMEXResearch) February 2, 2024
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
