For the first time since launch, BlackRock’s spot Bitcoin ETF is outpacing the Grayscale Bitcoin Trust (GBTC) in terms of trading volume so far today, according to Bloomberg ETF analyst James Seyffart.
BlackRock’s spot Bitcoin ETF volume surpassing GBTC for the first time hints at a slow down in outflows for Grayscale’s ETF, which has had over $5 billion in outflows since launch. As highlighted below, the other spot Bitcoin ETFs have had total gross inflows of over $5.8 billion.
This trend could mark a significant shift in suggesting that the selling of GBTC is weakening, thus easing their current massive selling pressure of Bitcoin. Other spot Bitcoin ETFs have experienced large amounts of inflows such as BlackRock and Fidelity, who have a combined 98,264 BTC worth over $4.1 billion for their ETFs.
As GBTC outflows lessen and inflows of other spot Bitcoin ETFs rise, BTC will continue to get taken off the market in record pace. To put this all into context, BlackRock have accumulated over 52,026 BTC since launch earlier this month. MicroStrategy, known for their aggressive Bitcoin accumulation strategy, have accumulated 189,150 BTC over the last ~four years.
As market participants eagerly wait in anticipation for the final numbers at the end of the day to see if the inflows on BlackRock’s spot Bitcoin ETF can continue to outpace the outflows of GBTC, Bitcoin pumps over $43,000.
Source: bitcoinmagazine.com
