- In 5 days, this figure increased from $16.1 million to $80 million
- Analysts attribute this to investor optimism.
- BlackRock’s Bitcoin ETF Approval Will Allow Grayscale to Transform Its Trust Fund
Trading volume for Bitcoin Investment Trust (GBTC) Grayscale shares jumped 400% in a few days. The reason for this was the news about the launch of bitcoin-ETF from the asset management company BlackRock.
On June 14, on the eve of the news release, the daily trading volume of GBTC was $16.1 million. In 5 days, it grew to almost $80 million.
The Block Research analyst Rebecca Stevens comments on the growing interest in GBTC shares:
“The commission last year rejected Grayscale’s proposal to convert GBTC into a spot bitcoin ETF. And, although Grayscale disputes this decision, they have not yet received a final answer. Optimism about BlackRock’s success in their spot Bitcoin ETF bid would pave a clearer path for Grayscale. They will have a better chance of converting their non-redeemed trust shares.”
By the way, experts told about the difference between Bitcoin-ETF from BlackRock and Grayscale. Read the details in our article.
Recall that according to rumors, Fidelity Investments is also planning to open its bitcoin ETF. It is the world’s third largest wealth management group with $4.2 trillion in assets under management. If expectations are met, then Fidelity will follow in the footsteps of its direct competitor, the BlackRock fund.