The first bitcoin (BTC) exchange-traded funds (ETFs) to surpass Grayscale’s GBTC trading volume on Thursday were BlackRock’s IBIT and ProShares’ BITO.
As of Thursday’s close, BITO had exchanged $298 million, while IBIT had $306 million in deals placed. Data gathered from many sources indicates that $291 million less was traded on GBTC.
Additionally, according to Bloomberg Intelligence analyst James Seyffart on X, on Thursday there were daily ETF volumes below $1 billion for the first time. After-hours trading was not included in these numbers.
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.
As previously reported, the bankrupt cryptocurrency exchange FTX sold more than $1 billion worth of GBTC. But other providers have had steady inflows, and as of Thursday, all ETFs held a total of $28.6 billion worth of bitcoin.