BlackRock and ProShares Bitcoin ETF exceeds GBTC in daily trading volume | CoinDesk JAPAN

BlackRock’s IBIT and ProShares’ BITO on the 1st surpassed Grayscale’s GBTC in trading volume for the first time since Bitcoin ETFs (exchange traded funds) were launched in the United States.

The daily trading volume was $306 million (approximately 44.37 billion yen, converted to 145 yen to the dollar) for IBIT and $298 million for BITO. According to data from multiple sources, GBTC transaction value was relatively low at $291 million.

Bloomberg Intelligence analyst James Seyffart said on X (formerly Twitter) that Tuesday was the first time that daily ETF trading volume fell below $1 billion. This figure does not include after-hours trading.

Grayscale had the highest trading volume among all Bitcoin ETFs since its listing in early January. Some banks have previously noted that much of Grayscale’s trading volume contributed to the selling pressure over the past few weeks as GBTC investors took profits and moved to other Bitcoin ETFs.

As previously reported, bankrupt cryptocurrency exchange FTX has sold $1 billion worth of GBTC. However, other Bitcoin ETFs have seen a gradual inflow of funds, and all ETFs collectively held $28.6 billion worth of Bitcoin as of the day.

｜Translation and editing: Rinan Hayashi
｜Image: Pixabay
｜Original text: BlackRock and ProShares’ Bitcoin ETFs Surpassed GBTC’s Daily Volumes