According to Eric Balchunas, Grayscale Bitcoin Trust (GBTC) has lost most of its market share, with capital outflows from the fund exceeding $15 billion. Some of these funds have moved to iShares Bitcoin Trust (IBIT) from BlackRock.
The analyst noted that now activity in the sector has begun to decline, which is most likely caused by the decline in the Bitcoin rate and the upcoming halving of the first cryptocurrency.
The expert noted that he added to his calculations the months until January 2024, when only the Grayscale Bitcoin Trust (GBTC), which had not yet been converted into an ETF, was available to investors.
Data from The Block portal confirms his conclusions. According to them, in January 2024, the trading volume of spot Bitcoin ETFs amounted to $28.26 billion, in February – $42.21 billion, and in March – $110.71 billion:
In turn, statistics from the SoSo Value platform show that activity in this sector has indeed begun to decline. In particular, on April 2 of this year, the inflow of funds into spot Bitcoin ETFs amounted to only 39.47 million.
Previously, Eric Balchunas said that the probability of approval of spot ETFs for ether in the United States in May 2024 is only 30%. In January, he estimated the possibility of launching these investment products at 70%.
Source: Bits
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