BlackRock bitcoin ETF edges GBTC in daily trade volumes for first time

As BlackRock’s fund approaches $3 billion of net inflows, Grayscale’s product has bled more than $5.6 billion in assets since converting to an ETF


Artwork by Crystal Le


Trading volumes for BlackRock’s spot bitcoin ETF eclipsed those of Grayscale Investments’ competing product at market close Thursday, marking a first since such funds began trading on Jan. 11. 

The Grayscale Bitcoin Trust ETF (GBTC) has dominated trading volumes in the first three weeks of US spot bitcoin funds trading. 

GBTC had accounted for nearly half of volumes — roughly $14.4 billion of $29.3 billion — in the first 15 trading days for the 10 ETFs in the segment, according to Bloomberg Intelligence data. 

But while GBTC notched trading volumes of about $292 million on Thursday, BlackRock’s iShares Bitcoin Trust (IBIT) saw volumes of $302 million, Yahoo Finance data shows.

GBTC’s high trade volumes have not equated to inflows. The product has endured net outflows of $5.6 billion, as of Wednesday, since converting to an ETF. 

Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?

Industry watchers have said a portion of Grayscale investors were eager to exit GBTC after years of not being able to sell shares of the trust at their net asset value. GBTC also carries a 1.5% fee — significantly higher than rival funds with expense ratios ranging from 0.19% and 0.39%.

John Hoffman, Grayscale’s managing director of sales and distribution, previously told Blockworks that because large capital markets ETFs are used in a variety of investing strategies, “we anticipate GBTC’s diverse shareholder base will continue to deploy strategies that impact inflows and outflows.”

While Grayscale’s outflows have persisted in recent days, IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen about $2.8 billion and $2.5 billion of net inflows, respectively, since coming to market.

Read more: BlackRock-Fidelity bitcoin ETF asset race ‘a heavyweight fight that can go either way’

Net inflows into the 10 spot bitcoin ETFs — despite the heavy GBTC outflows — rose back above $1 billion on Monday and were at nearly $1.5 billion after Wednesday.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million