- BlackRock’s IBIT and ProShares’ BITO have surpassed Grayscale’s GBTC in daily spot Bitcoin trading volume.
- Grayscale’s GBTC had dominated the spot Bitcoin ETF market since trading began on Jan. 11.
Elaborate With Insight:
BlackRock’s IBIT and ProShares’ BITO have now surpassed Grayscale’s GBTC in terms of daily spot Bitcoin trading volume. Grayscale’s GBTC had been the dominant player in the market since the launch of spot Bitcoin ETFs on Jan. 11. However, the tables turned on Feb. 1, when both IBIT and BITO took the lead.
This shift in trading volume highlights the growing competition in the spot Bitcoin ETF market. While Grayscale’s GBTC had a strong start, it is now facing increased competition from BlackRock and ProShares. This competition is beneficial for investors, as it leads to more options and potentially improved pricing and liquidity in the market.