Grayscale has dominated the daily trading volume of the Bitcoin ETF. It recently shed billions of dollars, and yet there is no change in the position. However, analysts have predicted that that could soon change. BlackRock and Fidelity have inched closer to the figures of Grayscale.
On Tuesday, the figures for BlackRock and Fidelity were $383 million and $288 million, respectively. Grayscale closed the market with $396 million. There is a difference, but that has been identified as an achievable target. Grayscale has once more ranked first, then BlackRock and Fidelity. All three firms together represent almost 90% of the total volume.
In the event that they surpass Grayscale, it will signify the first time since January 10, 2024, that either one or both of them have exceeded the daily trading volume of the behemoth. Tuesday witnessed a daily trading volume of $1.2 billion for the Spot Bitcoin ETF. In its entirety, the amount approaches $27 billion.
Invesco and Galaxy Asset Management are gearing up to catch up with the market. They have announced their intentions to cut the fees from 0.39% to 0.25%. This brings them to the same level as other players in the market.
Bitcoin has continued to experience a free fall since the approval of ETF applications. While the token is above $42,000 at the moment, it has been below $40,000 in recent times. The approval of applications by the US SEC was expected to uptick the valuation, probably taking it close to $50,000. BTC did reach $47,000 for a while, but then it slipped below $40k in the next couple of days.
The community is now expecting Bitcoin Halving to do some wonders. That said, many crypto enthusiasts are saying that the fall in the price was a result of selling pressure from GBTC. It has eased now, and the price may start rising in the times to come. The current standard of BTC is a rise of 5.85% in the last 7 days, demonstrating that the token has experienced a slight jump.
Spot Ethereum ETF is gaining heat as well. A representative from Standard Chartered Bank has speculated that the Commission may approve the first batch of applications for the Ether ETF on May 23, 2024. That will pave the way for other crypto ETF applications.
Circling back to Spot Bitcoin ETF, the race is indeed heating up in this segment, with Invesco and Galaxy slashing their fees. It is little known when Grayscale will lose its dominance in daily trading volume, but the day it does will set the tone for others to rise. BlackRock is closer to surpassing the giant, followed by Fidelity.
No matter the coming outcome, experts have hailed the entire ETF product for Bitcoin, saying that an inflow of billions of dollars is a positive development for digital assets.