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BlackRock's Bitcoin ETF trading volume surpasses GBTC, has the Bitcoin price hit bottom?

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As GBTC selling pressure eases, Bitcoin price rises above $43,000.

Original Title: "BLACKROCK'S SPOT BITCOIN ETF VOLUME TOPPING GBTC TODAY, SIGNALING MARKET SHIFT"

Original Author: Nik Hoffman, Bitcoin Magazine

Translated by: Luccy, BlockBeats

Editor's Note:

Recent data shows that since the launch of Bitcoin spot ETF, BlackRock's trading volume has surpassed GBTC for the first time. Analysts point out that this trend may indicate a weakening of selling pressure on GBTC, bringing some changes to the Bitcoin market. These trends have attracted attention to the Bitcoin market, especially in the competition between GBTC and other Bitcoin ETFs, where various factors will further shape the future trend of cryptocurrencies. BlockBeats has translated the original article as follows:

According to James Seyffart, an ETF analyst at Bloomberg, BlackRock's Bitcoin spot ETF has surpassed Grayscale Bitcoin Trust (GBTC) in trading volume for the first time since its launch.

BlackRock's Bitcoin spot ETF trading volume has surpassed GBTC for the first time, suggesting that the outflow of funds from GBTC may slow down. Since its launch, more than $5 billion has flowed out of GBTC. As shown below, other Bitcoin spot ETFs have attracted a total of over $5.8 billion in inflows.

This trend may signal a major change, indicating that the selling pressure of GBTC is weakening, thereby easing their huge selling pressure on Bitcoin. Other Bitcoin spot ETFs, such as BlackRock and Fidelity, have experienced a large influx of funds, with their ETFs collectively holding 98,264 Bitcoins worth over $4.1 billion.

With the decrease in outflows of funds from GBTC and the increase in inflows of funds from other Bitcoin spot ETFs, Bitcoin will continue to be absorbed by the market at a record pace. Taking into account all of these factors, BlackRock has accumulated over 52,026 bitcoins since the beginning of this month. MicroStrategy, known for its aggressive Bitcoin accumulation strategy, has accumulated 189,150 bitcoins in the past four years.

As market participants eagerly await the final data of the day, they are looking to see if the inflow of funds into the BlackRock Bitcoin spot ETF can continue to exceed the outflow of funds from GBTC. Currently, the price of Bitcoin is over $43,000.