For the first time since launch, BlackRock’s spot Bitcoin ETF is outpacing the Grayscale Bitcoin Trust (GBTC) in terms of trading volume so far today, according to Bloomberg ETF analyst James Seyffart.

BlackRock’s spot Bitcoin ETF volume surpassing GBTC for the first time hints at a slow down in outflows for Grayscale’s ETF, which has had over $5 billion in outflows since launch. As highlighted below, the other spot Bitcoin ETFs have had total gross inflows of over $5.8 billion.

This trend could mark a significant shift in suggesting that the selling of GBTC is weakening, thus easing their current massive selling pressure of Bitcoin. Other spot Bitcoin ETFs have experienced large amounts…

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