BlackRock's Bitcoin ETF Surpasses Grayscale's GBTC in Daily Trading Volumes

For the first time since the launch of US spot bitcoin ETFs, BlackRock's fund outperformed Grayscale's in daily trade volumes, marking a significant shift in investor preference.

• BlackRock’s iShares Bitcoin Trust (IBIT) recorded $302 million in daily trading volumes, edging out Grayscale’s GBTC which saw $292 million.
• Grayscale’s GBTC has experienced net outflows of $5.6 billion since converting to an ETF, while IBIT and other new ETFs have seen significant inflows.
• The shift in trading volumes comes amid a broader trend of investors moving away from GBTC due to its higher fees and the ability to sell shares at net asset value in other funds.
• Total net inflows into the 10 spot bitcoin ETFs have risen back above $1 billion, with BlackRock and Fidelity’s ETFs leading the pack.
• The change in trading volume leadership could signal a new era in the competitive landscape of bitcoin ETFs, with BlackRock potentially dethroning GBTC as the largest bitcoin ETF.

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