- In 5 days, that number increased from $16.1 million to $80 million
- Analysts attribute this to investor optimism
- The Bitcoin-ETF from BlackRock will allow Grayscale to transform its trust fund
The trading volume of Bitcoin Investment Trust (GBTC) Grayscale shares jumped 400% in a few days. The reason for that was the news about the launch of bitcoin-ETF from asset management company BlackRock.
June 14, the day before the news was released, the daily trading volume of GBTC was $16.1 million.. It has risen to nearly $80 million in 5 days.
The Block Research analyst Rebecca Stevens comments on the growing interest in GBTC stock:
“The Commission last year rejected Grayscale’s proposal to convert GBTC into a spot bitcoin-ETF.. And while Grayscale disputes this decision, they have not yet received a final answer. Optimism about BlackRock’s success in their bid for a spot bitcoin-ETF would have paved a clearer path for Grayscale. They will have an increased chance of converting their non-redeemable trust shares.”
By the way, experts have talked about the difference between bitcoin-ETFs from BlackRock and Grayscale. Read more in our story.
Remind that Fidelity Investments is also rumored to be planning to open its own bitcoin-ETF. It is the world’s third-largest asset management group with $4.2 trillion in assets under management. If expectations are met, Fidelity will follow in the footsteps of its direct competitor, the BlackRock Foundation.