BlackRock’s IBIT surpassed GBTC for the first time on Thursday, following 14 days during which Grayscale’s converted product dominated spot bitcoin exchange-traded fund daily trading.
Based on Coinglass’s data, IBIT had $303.32 million in daily trading volume yesterday, while GBTC had $291.38 million. Positioned third with $171.04 million was Fidelity’s FBTC. Less than $100 million was generated in volume by each surviving new spot bitcoin ETF.
“BlackRock’s IBIT is the first ETF to trade more than Grayscale’s GBTC in a single day,” according to Bloomberg ETF analyst James Seyffart. He also stated that total trading volume was below $1 billion for the group since launch, so today was a bit of a bust, with $924 million in dollar volume.
Earlier this week, it looked like the spot bitcoin ETFs from BlackRock and Fidelity would overtake Grayscale’s converted fund on Tuesday as they were getting closer to GBTC’s daily trading volume.
Since debuting in early January, Grayscale has had the highest trading volumes of any Bitcoin exchange-traded fund. According to what several banks have previously said, the majority of these volumes have led to selling pressure in the last few weeks as GBTC investors took profits and moved to other providers.
On Thursday, BlackRock’s IBIT took the lead in inflows, contributing $169.9 million to the fund. Following closely was FBTC with $35.8 million in inflows, while GBTC experienced $182 million in outflows, the lowest since January 11.
Net inflows totaled $38.5 million, marking the fifth consecutive day of positive inflows. BitMEX Research data reveals total net inflows reaching approximately $1.4 billion after 15 days of trading.
Also Read: BlackRock’s iBIT ETF Surpasses $2B in Bitcoin Holdings
