GBTC Trading Volume Exceeds 10 Billion as Bitcoin ETF Gains Momentum
As the Bitcoin ETF market stabilized, GBTC emerged as the leader in terms of trading volumes for the past seven days. Grayscale Bitcoin Trust hit its very crucial milestone of 10 billion in terms of trading volume on Saturday, beating all other peers.
Grayscale sees highest trading volume in a week
GBTC recovered from its bleeding outflows this week after hitting its 10 billion mark in trading volumes. The number was the highest among its peers making GBTC the leader in volume game. The terrible outflows of the ETF trust had also pressured the prices of bitcoin previously, creating a doubtful investor sentiment.
GBTC outflows slowdown
GBTC had suffered terribly from day 1 of trading. Previously, Grayscale’s outflows reached a record-breaking $640.50 million net withdrawal on January 22. The sloppy tides of an increase in outflows saw all 12 Spot Bitcoin ETFs garnering net outflows of $87.20 million on the seventh day of trading.
However, Day 11 of trading saw GBTC’s outflows come down to $255.1 million, bringing the total outflows to almost $5 billion. This was the lowest outflow since the trading commenced. This event follows reports that on Wednesday, Grayscale transferred more than 19,000 BTC out of their principal wallet. It should be noted that Grayscale has moved nearly 113,000 BTC out of its holdings.
Bitcoin ETF market sees a rebound
The Bitcoin ETF trading has topsy-turvy trading after its debut. However, with various ETFs regaining ground, the market now seems to stabilize a little.
The dominance of GBTC in the Bitcoin ETF’s cumulative volume over the last seven days is a sign of the ongoing demand for exposure to Bitcoin in conventional investment vehicles. The growing maturity of the cryptocurrency ecosystem is reflected in the markets’ acknowledgment of digital assets as a viable asset class.
The prices of Bitcoin also regained momentum as market sentiments improved. At the time of writing, BTC was trading at $41,776.73, being nearly up 1% from the previous day. The overall market cap stood at $819.2 billion as the OG-crypto currency recovered from previous losses.
GBTC was followed by Blackrock and Fidelity in the race of trading volumes. Blackrock and Fidelity’s trading volumes for the past seven days stood at over 2.5 billion, each.
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