BlackRock’s iShares Bitcoin Trust (IBIT) outpaces Grayscale Bitcoin ETF (GBTC) in daily trading volume

BlackRock’s iShares Bitcoin Trust (IBIT) has outpaced Grayscale Investments’ Bitcoin ETF (GBTC) in daily trading volume.

Blackrock’s IBIT is on the verge of securing an additional $3 billion in investments, whereas GBTC has lost over $5.6 billion since the ETF’s approval.

GBTC initially led the new bitcoin ETFs approved on January 11, 2024. However, recent data show that IBIT generated over $300 million in daily sales, outperforming GBTC’s $290 million.

This shows changes in investors’ sentiment, with BlackRock’s ETF gaining popularity and highlighting shifting preferences.

Despite its early dominance, GBTC has experienced significant outflows, whereas IBIT has seen significant inflows.

It appears that the attention of investors has turned away from GBTC, maybe due to its higher fees and previous restrictions on share sales.

Grayscale charges a 1.5% fee, significantly higher than competitors, and has previously imposed restrictions that slowed share sales. The shift reflects investors’ preference for more cost-effective and flexible options.

Despite these developments, the overall market for bitcoin ETFs remains strong, with total investments in these funds rising to more than $1 billion.

This resilience demonstrates continued interest in crypto investments via ETFs, indicating a mature and expanding market with various options for investors.

This version simplifies the information for those with a B2 level of English by emphasizing the key developments between BlackRock and Grayscale’s bitcoin ETFs, such as trading volumes and investor interest shifts, more concisely.