Trading volume of Grayscale's Bitcoin Investment Trust (GBTC) has increased 400% since asset management firm BlackRock filed for a spot bitcoin ETF.
On June 14, just one day before the filing, the daily trading volume of GBTC was $16.1 million. That volume increased to nearly $80 million just five days after BlackRock's filing, spiking about 400% in volume.
"Grayscale's proposal to convert GBTC into a spot bitcoin ETF was rejected last year, and although Grayscale has been fighting the decision, there has been no final ruling," said Rebecca Stevens, a research analyst at The Block Research. "Optimism around BlackRock being successful in their bid for a spot bitcoin ETF would then pave a clearer way for Grayscale to get their non-redeemable trust shares changed, too."
The Securities and Exchange Commission rejected Grayscale's attempt to turn its Bitcoin Trust into a spot ETF on June 29, 2022. The firm subsequently sued the SEC on the same day in an attempt to challenge the decision.
source:theblock
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