Summary
Spot bitcoin ETFs, including Grayscale’s GBTC and BlackRock’s IBIT, have seen trading volumes of around $10 billion in their first three days on the market. GBTC had high trading volumes but also experienced net outflows of $579 million last week. BlackRock’s IBIT is predicted to overtake GBTC as the most liquid fund. Other spot bitcoin ETFs, such as those by Ark Invest and Bitwise, had lower trading volumes. Industry experts expect a second wave of activity in the coming weeks and months as spot bitcoin ETFs become more mainstream.
Key Points
– Spot bitcoin ETFs, particularly those offered by Grayscale Investments and BlackRock, have seen significant trading volumes of approximately $10 billion in their first three days on the market.
– Grayscale’s newly converted Bitcoin Trust ETF (GBTC) recorded trading volumes of around $970 million on Tuesday, following volumes of about $2.3 billion and $1.8 billion on Thursday and Friday, respectively.
– Although GBTC experienced high trading volumes, it actually saw net outflows of $579 million last week, potentially due to its comparatively high fee of 1.5% compared to competitors.