Crypto News- BlackRock and Fidelity Investments are leading the pack in Bitcoin ETF net inflows, closely challenging Grayscale Bitcoin Trust (GBTC) in daily trading volumes.
BlackRock and Fidelity Bitcoin ETFs Pose Strong Competition to Grayscale in Trading Volume
Since transitioning its GBTC product into a Bitcoin ETF, Grayscale has witnessed substantial outflows over the past 20 days, with assets under management (AUM) plummeting over 20% from its peak of $25 billion. This capital shift has predominantly flowed into Bitcoin ETFs offered by BlackRock and Fidelity.
In terms of daily trading volumes, BlackRock and Fidelity trail just behind Grayscale. Since the launch of Bitcoin ETFs, Grayscale’s ETF has seen a decline of over $5 billion in AUM, whereas BlackRock and Fidelity have each experienced a net increase of over $2 billion, according to Bloomberg Intelligence ETF analyst James Seyffart.
As of Tuesday’s market close, BlackRock and Fidelity reported trading volumes of $383 million and $288 million, respectively, based on data compiled by The Block from Yahoo Finance. Grayscale maintained its top position with a trading volume of $396 million.
Throughout this month, these three issuers have consistently dominated total trading volume, accounting for approximately 90% of all buying and selling activity. In contrast, spot bitcoin ETFs from other providers like Invesco, Galaxy, Franklin Templeton, and Ark Invest have notably trailed behind the top three. The aggregated daily trading volume for Tuesday reached approximately $1.2 billion.
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