GBTC Trading Volume Surges to $10.24M Post BlackRock Entry

• BlackRock, submitted an application for a Bitcoin ETF last week to the U.S. SEC.
• GBTC has increased by over 25% after BlackRock applied to create an ETF.

Increased trading volume for the Grayscale Bitcoin Trust (GBTC) has been seen since the biggest asset manager in the world, BlackRock, submitted an application for a Bitcoin exchange-traded fund (ETF) last week to the U.S. SEC.

Grayscale Bitcoin Trust (NASDAQ: GBTC) rose by an astounding 11.40% on Tuesday, June 20, to close trading at $16.85. On the same day that GBTC’s share price soared, its trading volume hit a record high of $10.24 million, its largest level since November 22 of last year.

As per statistics from CryptoQuant, GBTC has increased by over 25% after BlackRock applied to create an ETF similar to GBTC for Bitcoin. According to the data, the current GBTC premium is -34.19%, making it the second-highest level so far in 2023.

All Eyes on SEC Now

Moreover, some of the biggest names in finance have been applying for a spot-Bitcoin ETF, which may explain the recent uptick in GBTC’s trading volume. We all know that Grayscale is one of the companies leading the charge to provide a spot Bitcoin ETF to investors.

BlackRock’s filing comes as Grayscale Investments engages in a legal battle with the SEC over its plans to convert the Grayscale Bitcoin Trust into a physical assets-backed exchange-traded fund. As the market anticipates that Grayscale’s case may be strengthened by BlackRock’s move, the discount between the trust’s valuation and its net asset value has narrowed dramatically.

One of the top U.S. asset managers, WisdomTree Investments, filed for an ETF application less than a week after Blackrock made headlines for doing the same thing. The business has submitted an application to the US Securities and Exchanges Commission (SEC) for the WisdomTree Bitcoin Trust exchange-traded fund.