GBTC volumes surge to yearly high

Quick Take

  • Grayscale’s GBTC daily volumes surge to the highest level of the year on July 13, following increased spot ETF filings and a decrease in the discount to net-asset-value.

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. 


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The Block's data dashboard shows the discount has tightened from -44% on June 13 to -28% on July 10. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].