According to Blockworks, trading volumes for BlackRock's iShares Bitcoin Trust (IBIT) surpassed those of Grayscale Investments' Grayscale Bitcoin Trust ETF (GBTC) at market close on Thursday. This marks the first time since spot bitcoin funds began trading on January 11th. GBTC had accounted for nearly half of the volumes, approximately $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. However, on Thursday, GBTC recorded trading volumes of about $292 million, while IBIT saw volumes of $302 million, as per Yahoo Finance data.
Despite its high trading volumes, GBTC has experienced net outflows of $5.6 billion since converting to an ETF. Some Grayscale investors were eager to exit GBTC after years of not being able to sell shares of the trust at their net asset value. Additionally, GBTC carries a 1.5% fee, significantly higher than rival funds with expense ratios ranging from 0.19% to 0.39%. On the other hand, 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. Net inflows into the 10 spot bitcoin ETFs rose back above $1 billion on Monday and were at nearly $1.5 billion after Wednesday.
