Bitcoin (BTC) is making waves once again, reclaiming the $43,000 milestone and surging over 2% in a single day. This resurgence follows a 10% dip on January 22, when Bitcoin briefly fell below $40,000. Now, nearly three weeks after the SEC gave the green light to spot BTC ETFs, the crypto market is witnessing heightened activity, with BTC trading volume surging nearly 20% in just 24 hours.
The recent dip in Bitcoin's price was attributed to selling pressure from outflows in the Grayscale Bitcoin Trust (GBTC), a converted BTC exchange-traded fund issued by Grayscale, a prominent crypto asset manager. For the first two weeks after the approval of spot BTC ETFs, GBTC outpaced other ETFs from BlackRock and Fidelity, recording approximately $4 billion in outflows.
However, the latest data indicates a potential shift in this pattern. According to Bloomberg's James Seyffart, BlackRock's iShares Bitcoin Trust (IBIT) has emerged with a slight lead, boasting $2 million more in trades than Grayscale's GBTC just hours after trading opened. Notably, an Arkham Intelligence dashboard reveals that BlackRock holds over 52,000 Bitcoins, valued at over $2.1 billion at current prices.
While Grayscale has regained its trading lead at the time of reporting, the tables may be turning. BlackRock's fund could become the first spot BTC ETF to outpace GBTC's volume since the SEC approved such crypto-based investment products on January 10.
The upcoming Federal Reserve's Federal Open Market Committee meeting is also anticipated to influence Bitcoin's price dynamics. The CME FedWatch tool indicates a 97.9% chance that the Fed will maintain its 5.25%-5.5% range and pause rates, potentially impacting the broader financial markets and, consequently, Bitcoin's trajectory. As Bitcoin continues its journey, the competition between BlackRock's ETF and Grayscale's GBTC adds an intriguing layer to the evolving narrative of crypto investments.
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