For the first time since launch, BlackRock's spot Bitcoin ETF has outperformed Grayscale Bitcoin Trust (GBTC) in terms of trading volume so far today, according to Bloomberg ETF analyst James Seyphart.
The volume of BlackRock's spot Bitcoin ETF surpassing GBTC for the first time signals a slowdown in outflows for the Grayscale ETF, which has seen outflows of more than $5 billion since its launch. As shown below, other spot Bitcoin ETFs generated combined total inflows of more than $5.8 billion.
This trend could represent a significant shift in signaling that GBTC selling is weakening, thus relieving Bitcoin's current massive selling pressure. Other spot Bitcoin ETFs have seen significant amounts of inflows such as BlackRock and Fidelity, which collectively hold 98,264 BTC worth over $4.1 billion for their ETFs.
As GBTC outflows decline and inflows from other spot Bitcoin ETFs rise, BTC will continue to exit the market at a record pace. To put all this in context, BlackRock has raised more than 52,026 BTC since its launch earlier this month. MicroStrategy, known for its aggressive Bitcoin accumulation strategy, has accumulated 189,150 BTC over the past four years.
As market participants anxiously await the final numbers at the end of the day to see if inflows into BlackRock's spot Bitcoin ETF can continue to outpace outflows from GBTC, Bitcoin is pumping out more than $43,000.
