The daily trading volume of spot Bitcoin ETFs in the U.S. on January 16, 2024 exceeded $1.8 billion. Almost half of the trading turnover came from Grayscale Bitcoin Trust (GBTC), which also recorded the most active capital outflows.
The total trading volume of spot Bitcoin ETFs for the day was more than three times higher than all 500 ETFs launched in the United States in 2023. This was revealed by Bloomberg analysts Eric Balchunas and James Seyffart. The ratio was $1.8 billion vs. $450 million.
In just three days, the trading volume of spot Bitcoin ETFs in the U.S. totaled $9.68 billion, with three funds showing the highest performance:
- Grayscale (GBTC) — $5.12 billion;
- BlackRock (IBTC) — $1.95 billion;
- Fidelity (FBTC) — $1.46 billion.
The leader in net capital raising was BlackRock’s iShares Bitcoin Trust — investors poured over $497 million into it over the previous two days. Investors of Grayscale Bitcoin Trust ETF, on the contrary, are withdrawing their funds from the asset. The overall outflow exceeded $579 million over the same period.
The Grayscale fund has been operating since February 2019, allowing market participants to invest in BTC. However, since the beginning of 2021, the fund’s shares started trading at a large discount compared to the market price of BTC. After the conversion of the fund into a spot ETF, the discount reached a minimum of 1.55% and therefore many investors are rushing to close their positions.
On January 11, the U.S. Securities and Exchange Commission (SEC) officially approved applications from 11 investment companies to launch exchange-traded funds (ETF) based on Bitcoin. Within the first two days of the launch, the inflow of funds into spot Bitcoin ETFs amounted to approximately $1.4 billion.
