After the SEC approved 11 Bitcoin spot ETFs earlier this month, the 12th trading day this week saw a total daily trading volume of $1.5643 billion. On the other hand, Grayscale’s Bitcoin spot ETF GBTC has dropped below the 500,000 mark for the first time.
The US Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs earlier this month, and this week marked the 12th trading day since their launch. According to data monitored by Bloomberg analyst James Seyffart, within just one hour of the US stock market opening, BlackRock’s Bitcoin spot ETF IBIT had a staggering trading volume of $155 million, surpassing GBTC’s volume of $113 million during the same period.
Data from the following days showed that the total trading volume of US Bitcoin spot ETFs reached a staggering $1.5643 billion on the 12th trading day. Among them, GBTC remained at the top with a trading volume of $570 million, followed by BlackRock’s IBIT and Fidelity’s FBTC with trading volumes of $460 million and $310 million respectively.
On the other hand, according to official data, as of January 29th, Grayscale’s Bitcoin spot ETF GBTC’s Bitcoin holdings have dropped to 496,573.8166 BTC, falling below the 500,000 mark for the first time. Currently, GBTC has a circulating share count of 555,700,100, with each share holding approximately 0.0008936 BTC. Market analysts believe that the selling pressure of GBTC will gradually decrease.
In terms of the price war among spot ETFs, there have been new developments. Invesco and Galaxy Asset Management announced that they will reduce the expense ratio of their spot ETF, Invesco Galaxy Bitcoin ETF (BTCO), from 0.39% to 0.25%. This adjustment brings BTCO’s fees in line with most of its competitors.
It is worth noting that only a few companies, such as Ark, 21Shares, Bitwise, and Franklin Templeton, offer lower fees compared to their competitors. In addition, Invesco stated that they will continue to waive fees for the first six months until BTCO’s assets reach $5 billion.
Related Reports:
– Deutsche Bank survey: 1/3 of retail investors believe Bitcoin will “fall below $20,000” by the end of the year! 42% estimate BTC will disappear in the future.
– Bitcoin surges over $27,000; Bloomberg analyst: BlackRock’s BTC spot ETF will surpass by year-end!
– Did BlackRock’s application for “Bitcoin spot ETF” receive support from Biden? Analyst: It will force Grayscale GBTC to death.