BlackRock and ProShares' Bitcoin ETFs Surpassed GBTC's Daily Volumes
Summary
BlackRock’s IBIT and ProShares’ BITO became the first bitcoin exchange-traded funds (ETFs) to surpass Grayscale’s GBTC trading volume, with $306 million and $298 million in trades respectively, compared to GBTC's $291 million. This is the first time daily ETF volumes have fallen below $1 billion. Grayscale has led trading volumes among all bitcoin ETFs since their listing in early January, with most volumes contributing to selling pressure as GBTC investors took profits and shifted to other providers. Bankrupt crypto exchange FTX has sold over $1 billion worth of GBTC. All ETFs hold a combined $28.6 billion worth of bitcoin.
