BlackRock’s IBIT and ProShares’ BITO on Thursday became the first Bitcoin (BTC) exchange-traded fund (ETF) to surpass Grayscale’s GBTC trading volume.
IBIT ended Thursday with $306 million in transactions completed, while BITO traded at $298 million. GBTC recorded relatively lower transactions of $291 million, data from Several sources to show.
Thursday was also the first time daily ETF volumes were below $1 billion, Bloomberg Intelligence analyst James Seyffart said. said the. These figures do not include trading outside of business hours.
Grayscale has led trading volumes among all Bitcoin ETFs since listing in early January. Most of this volume contributed to selling pressure in recent weeks as GBTC investors took profits and turned to other providers. Some banks have previously indicated.
Bankrupt crypto exchange FTX sold over $1 billion worth of GBTC, as Previously reported. However, other providers have found gradual influx and all ETFs held a combined $28.6 billion worth of bitcoin on Thursday.