Grayscale’s Bitcoin Trust product, GBTC, saw a significant increase in June, with trading volumes rising to $45 million and capturing 74% of the total trading volume for trust products. This surge in GBTC’s volumes and market share aligns with the growing positive sentiment towards the underlying asset, according to CCData. The increase in GBTC’s trading volume comes as multiple high-profile institutions have filed for ETFs in June, including Invesco, WisdomTree, and BlackRock.
The discount on the GBTC’s share price relative to its net asset value also closed below 30% on Tuesday, a level not seen since July 2022. This is likely due to a report about investment asset manager Fidelity Investments preparing to follow BlackRock’s application for a spot bitcoin ETF with its own.
Compared with Grayscale’s ETHE trust, GBTC’s volume significantly outperformed in trading volume. Since September, GBTC’s trading volume rose from $35.6 million to $45 million in June 2023, capturing 74% of the total trading volume for trust products, compared to 50.9% in September.