Daily volume for Grayscale's GBTC has been on a tear in the wake of a flurry of new spot exchange traded fund filings, hitting the highest level of the year on July 13.
As per The Block's data dashboard, daily volumes for Grayscale's largest fund product topped $183 million on July 13. On June 20, it topped $170 million.
Grayscale, which is in the process of suing the Securities and Exchange Commission to upgrade GBTC into a proper spot bitcoin ETF, has seen the product's discount to net-asset-value shrink since BlackRock's surprise announcement that it would file for a spot bitcoin ETF on June 15. Across the crypto asset management space, issuers are racing to bring a product to market, kicking off a broader increase in inflows across existing products.
The Block's data dashboard shows the discount has tightened from -44% on June 13 to -28% on July 10.
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