As the Bitcoin ETF market stabilizes, GBTC has emerged as the leader in trading volume over the past seven days. Grayscale Bitcoin Trust on Saturday reached a pivotal milestone of 10 billion in trading volume, outpacing all its peers.
Grayscale sees highest trading volume in a week
GBTC recovered from a hemorrhage this week after trading volume reached the $10 billion level. This number is the highest among its peers, making GBTC a leader in the volume game. Severe outflows of ETF trusts have previously weighed on Bitcoin prices and raised questions about investor sentiment.
GBTC outflow slowing down
GBTC suffered badly from the first day of trading. Previously, Grayscale’s outflow amount reached a record outflow amount on January 22, when it reached a net outflow amount of $640.5 million. The sloppy flow of outflows saw all 12 Spot Bitcoin ETFs collect $87.2 million in net outflows on the seventh day of trading.
However, on the 11th day of trading, the GBTC outflow decreased to $255.1 million, bringing the total outflow to almost $5 billion. This was the lowest outflow since trading began. This incident follows reports on Wednesday that Grayscale transferred over 19,000 BTC from its principal wallet. It should be noted that Grayscale moved around 113,000 BTC from its holdings.It has been
Bitcoin ETF market shows rebound
Bitcoin ETF trading has been very turbulent since its debut. However, various ETFs are making a comeback, and the market appears to be stabilizing a bit.
GBTC’s dominance in Bitcoin ETF cumulative volume over the past seven days is a sign of continued demand for Bitcoin exposure in traditional investment vehicles. The growing maturity of the cryptocurrency ecosystem is reflected in the market acceptance of digital assets as a viable asset class.
Bitcoin prices have also regained momentum as market sentiment has improved. At the time of writing, BTC is trading at $41,776.73, up nearly 1% from the previous day. As the OG cryptocurrency recovered from previous losses, its overall market capitalization now stands at $819.2 billion.
In the competition for trading volume, GBTC was followed by BlackRock and Fidelity. BlackRock and Fidelity each had more than $2.5 billion in trading volume over the past seven days.