Spot Bitcoin ETF Trading Volumes Hit $1.8 bn
Spot bitcoin ETFs have seen trading volumes of around $10 billion in their first three days on the market, with Grayscale Investments and BlackRock leading the competition.
Grayscale’s Bitcoin Trust ETF (GBTC) saw trading volumes of 25 million shares, or $970 million, on Tuesday, following previous volumes of $2.3 billion and $1.8 billion.
However, GBTC’s high trading volumes did not indicate a net influx of funds, as it saw net outflows of $579 million last week.
GBTC, launched in 2013, has roughly $27 billion in assets under management. Segment observers expect GBTC to see outflows over time due to its high fee of 1.5% compared to competitors. BlackRock’s iShares Bitcoin Trust (IBIT) saw trading volumes of nearly 15 million shares, or $370 million, on Tuesday.
With inputs from Shikha Singh
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