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Sujit Kumar
Jan 17, 2024
by Sujit Kumar

Spot Bitcoin ETFs Dominate with $10 Billion Volume in Three Days

bitcoin etf's dominate with $10B

Table of contents

  1. BlackRock's iShares Bitcoin Trust Leads the Pack
  2. Grayscale's Bitcoin Fund Faces Outflows Amidst Success
  3. BlackRock's Product Gains Traction Against GBTC
  4. Opportunity for Exit as GBTC Discount Narrows
In a groundbreaking achievement, the total trading volume of 10 spot Bitcoin ETFs on Jan. 16 exceeded the combined volume of all 500 ETFs launched in 2023 by over threefold. The approved ETFs, including offerings from Grayscale, BlackRock, and Fidelity, recorded over $1.8 billion in total trading volume on the same day.

BlackRock's iShares Bitcoin Trust Leads the Pack

Among the spot Bitcoin ETFs, BlackRock's iShares Bitcoin Trust emerged as a standout, attracting over $497 million in net inflows within the first three days. This positions BlackRock's product as a front-runner, likely to surpass Grayscale's Bitcoin Trust and become the "Liquidity King."

Grayscale's Bitcoin Fund Faces Outflows Amidst Success

While Grayscale's Bitcoin fund led in total trading volume, accumulating over $5.1 billion, it experienced significant outflows as investors sought to reduce exposure. Grayscale's Bitcoin Trust (GBTC) witnessed substantial outflows, totaling more than $579 million since its trading commencement on Jan. 11.

BlackRock's Product Gains Traction Against GBTC

BlackRock's product, maintaining a consistent influx of funds, is poised to surpass Grayscale's Bitcoin Trust. The total trading volume for all the new spot Bitcoin ETFs reached a remarkable $10 billion in the initial three days of trading, marking a significant milestone for the cryptocurrency industry.

Opportunity for Exit as GBTC Discount Narrows

The successful conversion of GBTC to a spot ETF has narrowed the discount to as low as 1.55%. This has allowed investors locked in the fund to seize the opportunity to exit after enduring extended periods of discounted rates. BlackRock's product holds promise as the industry watches for potential shifts in dominance.

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$10 Billion Volume
Spot Bitcoin ETFs Dominate with $10 Billion Volume in Three Days
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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