GBTC Volumes Surge To Yearly High
Grayscale’s GBTC has seen a surge in daily volume as a result of a rush of new spot exchange traded fund filings, reaching its highest level of the year on July 13.
On July 13, daily volumes for Grayscale’s largest fund product surpassed $183 million, according to The Block’s data dashboard. It surpassed $170 million on June 20.
Grayscale, which is fighting the SEC to convert GBTC into a true spot bitcoin ETF, has seen the product’s discount to net asset value drop since BlackRock’s surprise announcement on June 15 that it would file for a spot bitcoin ETF. Issuers are racing to bring a product to market in the crypto asset management area, kicking off a broader increase in inflows across current products.
According to the Block data dashboard, the discount has shrunk from -44% on June 13 to -28% on July 10.
(With inputs from Shikha Singh)
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