BlackRock’s new Bitcoin ETF is doing better in trading than the Grayscale Bitcoin Trust for the first time. This information comes from Bloomberg ETF analyst James Seyffart.
BlackRock’s new way to buy Bitcoin is getting more popular than Grayscale’s, which is making people take out less money from Grayscale. Grayscale has lost over $5 billion since it started. As shown, other Bitcoin ETFs have received more than $5. 8 billion in total investments.
This change could show that people are selling less GBTC, which could make selling Bitcoin easier. Other Bitcoin ETFs like BlackRock and Fidelity have gotten a lot of new money. They have a total of 98,264 Bitcoins, which is worth over $4. 1
As fewer people sell GBTC and more people buy other Bitcoin ETFs, the amount of Bitcoin available for sale will decrease quickly. In simple terms, BlackRock has bought 52,026 bitcoins since the beginning of the month. MicroStrategy, a company that is known for being very aggressive in buying Bitcoin, has bought 189,150 Bitcoin over the last four years.
Investors are excited to see if more money is coming into BlackRock’s Bitcoin investment fund than going out, at the end of the day. But for now, the price of Bitcoin has gone up to over $43,000.