Breaking records and defying market trends, Bitcoin ETF trading volumes skyrocketed to a whopping $200 billion on April 8th. Even with a dip in Grayscale’s GBTC and a shift in market dominance, the all-time high proves the unstoppable force of this cryptocurrency.
The once-hyped Grayscale’s Bitcoin ETF has taken a major hit, losing a staggering $154.9 million. This adds to the overall $19.4 million outflow from all 10 U.S. BTC investment products, according to the latest report from SoSoValue. On the other hand, BlackRock’s IBIT fund has emerged as the top contender, raking in a whopping $128.6 million in investor demand.
Bitwise’s impressive $3.7 million investment was hot on the heels of BlackRock’s, securing the second spot for the largest inflow of the day. Fidelity followed closely behind with a respectable $3 million.
However, the six BTC ETF issuers were not as fortunate, as daily net inflows were hindered by the unpredictable market leading up to Bitcoin’s highly anticipated halving.
Despite this setback, trading volumes have skyrocketed, doubling since last month’s record-breaking $100 billion milestone. This surge can be attributed to the recent approval of Bitcoin listings by the prestigious U.S. Securities and Exchange Commission back in January.
Grayscale CEO: Bitcoin ETF outflows reaching equilibrium
Grayscale CEO Michael Sonneshein has revealed that the crypto asset manager’s exits have finally reached a state of balance. This is thanks to the successful resolution of bankruptcy cases, such as the one involving FTX’s CEO Sam Bankman-Fried.
In fact, FTX’s estate has already sold over $2 billion worth of GBTC shares, as reported by crypto.news. Sonneshein also predicts that Grayscale’s decision to lower its fees will spark even more interest in its Bitcoin ETF, solidifying its position as a top player in the market.
Exclusive: 5 Altcoins of Base Chain Targeting 100x Growth in 2024
Ethereum ETF: Analysts Forecast 3 Paths for ETH Price
After selling 36 million GBTC shares, Genesis bought $2.1 billion worth of Bitcoin
BlackRock seizes spot Bitcoin ETF market share
As Grayscale scrambles to adapt and overcome their exorbitant Bitcoin ETF fees, they find themselves falling behind the competition. Despite starting the year with over 50% of the market share, Sonnenshein’s company has now been surpassed by new players in the game.
The once-dominant Wall Street titan, BlackRock, has taken the lead with a commanding 52% share, leaving Grayscale in second place with a mere 25%. And let’s not forget about the rising star, Fidelity, with a respectable 16.9% share. The battle for Bitcoin ETF dominance is heating up, and Grayscale is feeling the pressure.