Summary
BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust (IBIT), surpassed Grayscale’s Bitcoin Trust ETF (GBTC) in trading volumes at market close on Thursday. Despite GBTC dominating trading volumes in the first three weeks of US spot bitcoin funds trading, it has experienced net outflows of $5.6 billion since converting to an ETF. Grayscale investors were eager to exit GBTC after years of not being able to sell shares at their net asset value, as well as the trust’s high 1.5% fee. In contrast, IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen net inflows of $2.8 billion and $2.5 billion, respectively.
Key Points
1. Trading volumes for BlackRock’s iShares Bitcoin Trust (IBIT) surpassed those of Grayscale Investments’ Grayscale Bitcoin Trust ETF (GBTC) at market close on Thursday, marking a first since the launch of spot bitcoin funds trading on January 11.
2. While GBTC has dominated trading volumes in the first three weeks of US spot bitcoin funds trading, it has experienced net outflows of $5.6 billion since converting to an ETF, despite its high trade volumes.
3. Despite the outflows from GBTC, other spot bitcoin ETFs like IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen net inflows of $2.8 billion and $2.5 billion, respectively, since coming to market.