Bitcoin ETF

Bitcoin

BlackRock

All-time spot Bitcoin ETF trading volumes exceeded $200 billion on April 8 despite outflows from Grayscale’s GBTC and a shift in market share.&nbsp; 
Grayscale’s converted Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="">BTC</a>) ETF shed $154.9 million, contributing to $19.4 million in cumulative outflows from all 10 U.S. spot BTC investment products, per <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="">SoSoValue</a>. The data tracker ranked BlackRock’s IBIT fund as the largest intaker of investor demand with $128.6 million in inflows. 
Bitwise’s $3.7 million followed BlackRock as the second-biggest inflow of the day, as Fidelity came in third with $3 million. Six spot BTC ETF issuers did not mark daily net inflows as products experienced volatile interest ahead of <a href="https://crypto.news/bitcoins-halving-hype-whales-prepare-for-the-big-shift/" target="_blank" rel="">Bitcoin’s halving</a>.&nbsp; 
Nevertheless, cumulative trading volumes have doubled since last month, when numbers first hit $100 billion following listing approval from the U.S. SEC. in January. 
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 Spot BTC ETF daily inflows | Source: SoSoValue
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 You might also like: <a href="https://crypto.news/how-do-you-sell-bitcoin/" rel=""> How to sell Bitcoin: a comprehensive guide </a> 
<h2 class="wp-block-heading" id="grayscale-ceo-bitcoin-etf-outflows-reaching-equilibrium">Grayscale CEO: Bitcoin ETF outflows reaching equilibrium</h2> 
According to <a href="https://www.reuters.com/technology/grayscale-ceo-sees-bitcoin-etf-outflows-reaching-equilibrium-2024-04-10/" target="_blank" rel="">Reuters</a>, Grayscale CEO Michael Sonneshein remarked that exits from the crypto asset manager have likely reached equilibrium, due to conclusive proceedings in bankruptcy cases like Sam Bankman-Fried’s FTX. 
FTX’s estate previously liquidated over $2 billion in GBTC shares, crypto.news <a href="https://crypto.news/ftxs-alameda-research-withdraws-grayscale-lawsuit/" target="_blank" rel="">reported</a>. Sonnesnshein also believes a subsequent decrease in Grayscale’s fees will <a href="https://crypto.news/grayscales-sonnenshein-promises-to-drop-1-5-fees-on-its-spot-bitcoin-etf-over-time/" target="_blank" rel="">incentivize</a> demand for its Bitcoin ETF as an incumbent issuer and market leader. 
<h2 class="wp-block-heading" id="blackrock-seizes-spot-bitcoin-etf-market-share">BlackRock seizes spot Bitcoin ETF market share</h2> 
While Grayscale strategizes a pivot from fielding the industry’s highest spot Bitcoin ETF fees, the company has lost ground to new issuers. Sonnenshein’s firm commanded over 50% of the market share at the start of the year but dropped below 25% at press time.&nbsp; 
Wall Street stalwart <a href="https://crypto.news/blackrock-adds-authorized-participants-bitcoin-etf-aps/" target="_blank" rel="">BlackRock</a> has upstaged Grayscale as the Bitcoin ETF leader and now boasts around 52%, up from a 22% market share. The shift places Grayscale in second, and Fidelity’s 16.9% share in third. 
 Read more: <a href="https://crypto.news/how-do-i-open-a-bitcoin-account/" rel=""> How can I open a Bitcoin account? </a>

Grayscale’s Bitcoin ETF continues pre-halving bleed

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