BlackRock's Bitcoin ETF eclipses Grayscale’s in daily trading volume for the first time

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BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has outpaced Grayscale’s Bitcoin Trust (GBTC) in daily trading volume, Bloomberg ETF analyst James Seyffart shared in a post today. BlackRock’s IBIT was the first ETF to outstrip Grayscale’s GBTC in terms of daily trading volume, reaching over $303 million compared to GBTC’s $291 million.

Update for The #Bitcoin ETF Cointucky Derby. Total net inflows of +$38 mln yesterday. -$182 mln left $GBTC. Newborn Nine took in +$220. As stated yesterday, it was the first day that one of these new ETFs ( $IBIT) traded more than $GBTC. pic.twitter.com/kFz8zFxjJc

— James Seyffart (@JSeyff) February 2, 2024

This development is particularly striking given GBTC’s historically dominant position, which consistently shows higher trading volumes compared to other ETFs. IBIT has also achieved a new milestone by hitting $3 billion in assets under management.

Seyffart pointed out in another post that the new wave of spot Bitcoin ETFs has seen remarkable success since their launch, with standout performers including BlackRock’s IBIT, Fidelity’s FBTC, ARK 21Shares’ ARKB, and Bitwise’s BITB.

All of the new ETFs are doing well but these 4 are doing really well. $IBIT, $FBTC, $ARKB, $BITB. https://t.co/pvnmU6U3DQ

— James Seyffart (@JSeyff) February 1, 2024

According to BitMEX Research’s data, IBIT saw a net inflow of approximately $164 million, while GBTC saw an outflow of $182 million. There has been a slowdown in GBTC’s outflows for the past five consecutive days, with yesterday’s outflow being the lowest, except for the first day.

Bitcoin ETF Flow – Day 15

All data out. Net flow of +$38.5m for day 15. Relatively quiet day it seems pic.twitter.com/L478MuK9v1

— BitMEX Research (@BitMEXResearch) February 2, 2024

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