BlackRock duels with Grayscale and pushes Bitcoin to $43k

Volume Generated by BlackRock's Bitcoin Spot ETF Risks to Exceed GBTC for First Time Since Product Approval
 

 
Bitcoin ETF: something is already changing

In the last few hours, the trading volume generated by BlackRock's Bitcoin spot ETF has surpassed that of GBTC, which until now has held the record. We will have to wait until the end of the trading day, however, to see the complete data: the duel, for now, seems to be evenly matched.
At the same time, however, it cannot be denied that the selling pressure on Bitcoin derived from GBTC seems to be constantly weakening, as some signals have already suggested in recent days. And this derives primarily from the decrease in outflows from GBTC, which so far have amounted to 5 billion against inflows of 5.8 billion dollars.
The change in trend could suggest several new scenarios. Yes, certainly, an improvement for BTC, which thanks to the easing of selling pressure could now find new resources to re-enter a bullish position. And if the inflows of other ETFs, such as those of BlackRock and Fidelity, were to increase (4.1 billion dollars have been recorded since the day of approval), it would only be a further advantage for the first cryptocurrency.
 

 
New demand for BTC

Furthermore, the increase in inflows simultaneously with the decrease in outflows will only increase the rate of accumulation of BTC by managers. BlackRock, up to now, has come into possession of 52,026 BTC, which represents a significant figure especially when compared to those that describe historical realities of the sector. MicroStrategy, for example, has accumulated 189,150 BTC, but over the last 4 years.
BTC, at the moment, seems to respond positively to the improvement of the ETF market, and by exceeding the limit of 43 thousand dollars it could suggest to investors the possibility of a further rise, perhaps recovering the ATH of recent months in conjunction with the approval of the new products.
Resources
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