The iShares Bitcoin Trust (IBIT) has surged ahead of the Grayscale Bitcoin Trust (GBTC) in terms of trading volume.
Data from Bloomberg Intelligence shows that BlackRock’s product has a $40 million edge, but the data is not final.
Recent trading volumes
The iShares Bitcoin Trust (IBIT) posted an impressive volume of $219.3 million. Close behind, the Grayscale Bitcoin Trust (GBTC) experienced a trading volume of $181.7 million.
Other notable funds included the Fidelity Wise Origin Bitcoin Fund (FBTC) with a trading volume of $129.3 million, and the ARK 21Shares Bitcoin ETF (ARKB) which saw volumes reach $48.7 million.
The Bitwise Bitcoin ETF (BITB) also made its mark with $18.9 million in trades, followed by the Invesco Galaxy Bitcoin ETF (BTCO) at $9.9 million.
Grayscale’s diminishing outflows
Grayscale seems to be witnessing a decrease in outflows, which may bode well for the trust’s stability.
Grayscale’s outflows have been a significant concern for investors, with the trust reducing its Bitcoin holdings by 5,086 BTC, valued at approximately $218 million.
However, in the broader landscape, eight ETFs, including the heavyweight Fidelity, have collectively added 8,907 BTC, worth around $382 million, with Fidelity itself contributing 5,422 BTC to this sum.
These inflows into various ETFs have mitigated some of the bearish sentiment that previously pushed Bitcoin below the $40,000 mark.
