BlackRock bitcoin ETF edges GBTC in daily trade volumes for first time

BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust (IBIT), has surpassed Grayscale Investments’ Grayscale Bitcoin Trust ETF (GBTC) in daily trading volumes for the first time since the launch of these funds on January 11. While GBTC has dominated trading volumes in the initial weeks, accounting for nearly half of the segment’s trading volumes, IBIT saw higher volumes at market close on Thursday. Despite GBTC’s high trade volumes, the product has experienced net outflows of $5.6 billion since converting to an ETF, possibly due to a higher expense ratio and the ability for investors to sell shares at the trust’s net asset value. In contrast, IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen net inflows of $2.8 billion and $2.5 billion, respectively, since their launch. Overall, net inflows into spot bitcoin ETFs have exceeded $1 billion, indicating ongoing interest and investment in the crypto market.