BlackRock and ProShares' Bitcoin ETFs Surpassed GBTC's Daily Volumes

GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January.

AccessTimeIconFeb 2, 2024 at 12:41 p.m. UTC
Updated Mar 8, 2024 at 8:57 p.m. UTC

BlackRock’s IBIT and ProShares’ BITO became the first bitcoin (BTC) exchange-traded funds (ETF) to cross Grayscale’s GBTC trading volume on Thursday.

IBIT ended Thursday with $306 million in trades placed, while BITO traded $298 million. GBTC saw a relatively lower $291 million in trades, data from multiple sources show.

Thursday was also the first time daily ETF volumes were below $1 billion, Bloomberg Intelligence analyst James Seyffart said on X. These figures did not include after-hours trading.

Grayscale has led trading volumes among all bitcoin ETFs since their listing in early January. Most of these volumes have contributed to selling pressure in the past few weeks as GBTC investors took profits and shifted to other providers, some banks have previously stated.

Bankrupt crypto exchange FTX has sold over $1 billion worth of GBTC, as previously reported. Other providers, however, have seen gradual inflows and all ETFs hold a combined $28.6 billion worth of bitcoin as of Thursday.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.