BlackRock Disrupts Bitcoin Market: Spot ETF Overtakes GBTC, Boosting BTC
Bitcoin surged past $43,000 today, fueled by a potential market shift: BlackRock's spot Bitcoin ETF is outpacing the long-reigning Grayscale Bitcoin Trust (GBTC) in trading volume for the first time ever.
Only about an hour into trading but $IBIT is ahead of $GBTC in volume so far. Today *could* be the first day where one of the newborn nine trades MORE than $GBTC. Currently $155 million to $113 million 👀 pic.twitter.com/BlHpIjU8sN
— James Seyffart (@JSeyff) January 29, 2024
This change signals a possible slowdown in GBTC's outflows, which have reached over $5 billion since launch. Meanwhile, other spot Bitcoin ETFs like BlackRock's and Fidelity's have seen massive inflows totalling over $5.8 billion.
Analysts see this trend as a sign that GBTC's selling pressure is easing, which has previously weighed heavily on Bitcoin's price. BlackRock alone has accumulated over 52,000 BTC since its ETF launch earlier this month, a pace even surpassing MicroStrategy's long-running acquisition strategy.
Only about an hour into trading but $IBIT is ahead of $GBTC in volume so far. Today *could* be the first day where one of the newborn nine trades MORE than $GBTC. Currently $155 million to $113 million 👀 pic.twitter.com/BlHpIjU8sN
— James Seyffart (@JSeyff) January 29, 2024
With BlackRock potentially absorbing Bitcoin faster than GBTC sells it, the market could see continued upward pressure on the world's leading cryptocurrency. Investors are watching closely to see if BlackRock's dominance holds throughout the day, potentially marking a new era in Bitcoin's trading landscape.