Grayscale’s Bitcoin Trust (GBTC) Outpaces Majority of ETFs with Half a Billion in Trading Volume
Grayscale’s Bitcoin Trust (GBTC) has demonstrated significant trading volume, surpassing the majority of existing exchange-traded funds (ETFs).
According to industry expert Eric Balchunas, the fund traded close to half a billion dollars on January 8, outshining more than 99% of the approximately 3,000 current ETFs.
Balchunas highlighted that if spot Bitcoin (BTC) ETFs are approved this week, Grayscale will enter the market with substantial trading volume, indicating a significant advantage over its competitors.
Grayscale aims to convert its Bitcoin Trust into a spot ETF, pending approval from the Securities and Exchange Commission (SEC).
This move would allow the trust to align with the evolving regulatory landscape and provide investors with enhanced access to Bitcoin.
“ GBTC traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else,” Balchunas wrote.
$GBTC traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent. Another fascinating sub-plot. pic.twitter.com/506EG3PR7t
— Eric Balchunas (@EricBalchunas) January 8, 2024
In addition to Grayscale’s impressive trading volume, crypto mining firms have experienced robust trading activity on American stock exchanges.
On January 8, four prominent mining companies, including Marathon Digital, Riot Platforms, Cleanspark, and Terawulf, collectively amassed a trading volume of $208 million, as per data by Yahoo Finance .
Marathon Digital, in particular, emerged
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