After the SEC approved 11 Bitcoin spot ETFs earlier this month, the 12th trading day of this week saw a total daily trading volume of $1.5643 billion. On the other hand, Grayscale’s Bitcoin spot ETF, GBTC, fell below the milestone of 500,000 BTC for the first time.
The US Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs this month, and this week marked the 12th trading day. 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.
Data from the following days showed that in the 12th trading day after the listing of US Bitcoin spot ETFs, the total trading volume reached a whopping $1.5643 billion. Among them, GBTC remained at the top with a trading volume of $570 million, while IBIT from BlackRock and FBTC from Fidelity ranked second and third with trading volumes of $460 million and $310 million, respectively.
On the other hand, according to official data, as of January 29th, the Bitcoin holdings of Grayscale’s Bitcoin spot ETF, GBTC, had declined to 496,573.8166 BTC, breaking the milestone of 500,000 BTC for the first time. Currently, GBTC has a circulating share quantity of 555,700,100, with an approximate holding of 0.0008936 BTC per share. Market analysts believe that the selling pressure of GBTC will gradually decrease.
In terms of the price war of spot ETFs, there have been recent developments. Invesco and Galaxy Asset Management announced a reduction in the expense ratio of their spot ETF, Invesco Galaxy Bitcoin ETF (BTCO), from 0.39% to 0.25%. This adjustment aligns BTCO’s expenses with most of its competitors.
It is worth noting that only a few companies, such as Ark, 21Shares, Bitwise, and Franklin Templeton, offer lower expenses compared to other competitors. In addition, Invesco stated that it will continue to waive fees for the first six months until BTCO’s assets reach $5 billion.
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– Bitcoin surges past $27,000; Bloomberg analyst: BlackRock’s Bitcoin spot ETF will surpass it by the end of the year!
– Did BlackRock’s application for a “Bitcoin spot ETF” have Biden’s support? Analyst: It will force Grayscale GBTC to die out.