• Stride Staked InjectiveStride Staked Injective(STINJ)$16.51-4.18%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • FibSwap DEXFibSwap DEX(FIBO)$0.0084659.90%
  • TruFin Staked APTTruFin Staked APT(TRUAPT)$8.020.00%
  • bitcoinBitcoin(BTC)$94,545.001.93%
  • ethereumEthereum(ETH)$3,256.571.01%
  • tetherTether(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.353.70%
  • binancecoinBNB(BNB)$692.981.19%
  • solanaSolana(SOL)$187.700.69%
  • Stride Staked InjectiveStride Staked Injective(STINJ)$16.51-4.18%
  • Vested XORVested XOR(VXOR)$3,404.231,000.00%
  • FibSwap DEXFibSwap DEX(FIBO)$0.0084659.90%
  • TruFin Staked APTTruFin Staked APT(TRUAPT)$8.020.00%
  • bitcoinBitcoin(BTC)$94,545.001.93%
  • ethereumEthereum(ETH)$3,256.571.01%
  • tetherTether(USDT)$1.00-0.01%
  • rippleXRP(XRP)$2.353.70%
  • binancecoinBNB(BNB)$692.981.19%
  • solanaSolana(SOL)$187.700.69%

Grayscale Bitcoin Trust (GBTC) Shows Strong Trading Volume, Outshines ETFs

Grayscale Bitcoin Trust (GBTC) Shows Strong Trading Volume, Outshines ETFs

Grayscale’s Bitcoin Trust (GBTC) has gained significant traction in the market, surpassing the trading volume of most existing exchange-traded funds (ETFs). According to industry expert Eric Balchunas, the fund traded close to half a billion dollars on January 8, outshining over 99% of the approximately 3,000 current ETFs.

GBTC’s Advantage Over Competitors

Balchunas emphasized that if spot Bitcoin (BTC) ETFs are approved this week, Grayscale will enter the market with substantial trading volume, giving them a notable advantage over their competitors. Grayscale has plans to convert its Bitcoin Trust into a spot ETF, pending approval from the Securities and Exchange Commission (SEC). This strategic move aims to align the trust with the evolving regulatory landscape and provide investors with enhanced access to Bitcoin.

“GBTC traded close to half a billion today, which is more than 99% of the 3,000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else,” said Balchunas.

Robust Trading Activity in the Crypto Mining Sector

In addition to Grayscale’s impressive trading volume, crypto mining firms have also experienced strong trading activity on American stock exchanges. On January 8, four prominent mining companies, including Marathon Digital, Riot Platforms, Cleanspark, and Terawulf, collectively amassed a trading volume of $208 million, according to data from Yahoo Finance.

Marathon Digital stood out as the most heavily traded stock in the United States on that day, with a trading volume of $112 million, surpassing well-known tech giants such as Tesla, AMD, Nvidia, and Apple. This significant lead highlights the ongoing boom in the Bitcoin mining sector.

Core Scientific, another key player in the industry, recently secured a $55 million equity investment, successfully emerging from its debt crisis. With the oversubscribed equity offering positioning Core Scientific for a relisting on the Nasdaq exchange, the firm is set to align itself with other successful mining stocks.

CleanSpark, a prominent player in the sector, announced a strategic agreement to potentially acquire up to 160,000 miners by the end of 2024, further strengthening its position in the market.

Expectations for Bitcoin ETF Approval in the United States

Analysts at Bloomberg are increasingly optimistic about the approval of a spot Bitcoin ETF in the United States, with the odds now exceeding 90%. However, Eric Balchunas, a Bloomberg ETF analyst, has expressed a slight possibility of rejection, assigning a mere 5% chance to such outcomes.

Meanwhile, participants on Polymarket, a platform where users can place bets on various outcomes, have displayed a less optimistic view regarding the approval timeline. The betting market on Polymarket suggests that the odds of approval before January 15 have decreased, with participants wagering around $500,000 on the approval being delayed or even denied.

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