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BlackRock’s ETF Outperforms GBTC

BlackRock’s ETF surpasses GBTC:

  • For the first time, BlackRock’s Bitcoin ETF IBIT has surpassed Grayscale’s GBTC in daily trading volume.
  • IBIT recorded a daily trading volume of $303.97 million, compared to $292.37 million for GBTC.
  • Net flows reached $38.5 million yesterday, marking the fifth consecutive day of net inflows, totaling $1.4 billion after 15 days of trading.

BlackRock, the New Leader in the ETF Market

After dominating the daily trading volume of Bitcoin cash ETFs for 14 days, BlackRock’s IBIT Bitcoin cash ETF has surpassed Grayscale’s GBTC for the first time on Thursday, with a transaction volume of $303.97 million.

Earlier this week, BlackRock and Fidelity’s cash ETFs were positioned at a level close to that of GBTC, hinting at the possibility of overtaking Grayscale’s converted fund as early as Tuesday.

Yesterday, Grayscale’s GBTC recorded a transaction volume of approximately $292 million, falling below IBIT, while Fidelity’s FBTC ranked third with a volume of $171.84 million.

“BlackRock’s IBIT is the first ETF to trade more than Grayscale’s GBTC in a single day,”

said Bloomberg analyst James Seyffart.

Impressive Daily Inflows for IBIT and FBTC

The surpassing of GBTC by BlackRock’s IBIT ETF in terms of daily trading volume is not only a significant event for the two funds involved but also an indicator of broader trends within the Bitcoin ETF market.

On Thursday, net inflows amounted to over $38.5 million, marking the fifth consecutive day of net inflows, with a total of $1.4 billion in inflows after 15 days of trading. Furthermore, it was recently revealed that over 3.5% of the total circulating BTC is held by ETFs in the market.

In addition to the decline in GBTC’s market share and the increasing flows towards products like IBIT and FBTC, the industry is witnessing a reevaluation of fee structures by some ETF issuers, which could redefine investor approach towards Bitcoin investment.

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