BlackRock Bitcoin Spot ETF trading volume surpasses Grayscale twice! GBTC selling pressure has dropped by 50%

According to data released by Bloomberg analyst James Seyffart, the trading volume of Grayscale Bitcoin Trust (GBTC) has been attracting market attention in the past month, especially in U.S. securities This comes after the Exchange Commission (SEC) approved 11 Bitcoin spot exchange-traded funds (ETFs). According to reports, the single-day trading volume of the Bitcoin spot ETF reached $1 billion yesterday. This data once again highlights the market's interest in Bitcoin and investor demand for the digital asset.

BlackRock’s IBITETF became the biggest winner with a trading volume of US$340 million, leaving behind GBTC’s US$296 million trading volume. This is the second time in the 19 trading days since its launch that IBIT has surpassed GBTC.

The trading volume of various Bitcoin spot ETFs yesterday

On the other hand, as of the close of U.S. stocks on February 7, all spot Bitcoin ETFs have been listed since The total trading volume since then has reached an astonishing US$32.7216 billion. Although the recent trading volume has dropped significantly compared with when it first went public, analyst James Seyffart said that exceeding $1 billion per day is no longer a big deal.

Bitcoin spot ETF trading volume continues to decline

Grayscale selling pressure continues to decrease

Since the Bitcoin spot ETF was launched, Bitcoin The price of the currency has continued to fall for many days, even falling below US$39,000 at one point. The continued outflow of GBTC funds is considered to be the main reason for the decline. GBTC will not only put pressure on the price of Bitcoin, but also drive investors’ sentiment toward Bitcoin. The short-term outlook is not optimistic.

The latest official data shows that as of February 7, its GBTC Bitcoin holdings have declined. Specifically, the total number of Bitcoins currently held by GBTC is 470,637.4128, a decrease of approximately 1707.64 from the previous trading day. Although the asset management scale of GBTC is still as high as 20.2 billion U.S. dollars, if we observe the daily outflow, the selling pressure of GBTC Declining significantly.

Data shows that the daily outflow of GBTC could reach US$400-600 million when it was first launched. This week it only dropped to US$200-300 million, which also means that if this trend continues, GBTC’s final Bitcoin equilibrium holdings may be higher than market expectations.

GBTC daily outflow

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