Volume changes in spot Bitcoin ETFs bode well for Bitcoin, according to a Bloomberg Intelligence analyst.
Shared by Bloomberg analyst Eric Balchunas to data Other spot Bitcoin ETFs traded in the US, excluding WisdomTree and Grayscale Up to 115% in daily trading volume There was an increase.
Other ETFs except Grayscale fourth Total transaction volumes on the following days While it was 786 million dollars on their fifth day $1 billion He got on top of it.
Although Grayscale tops the chart in terms of transaction volume, transactions made in GBTC are largely from sales transactions It is estimated that it occurred. for several months GBTC stock at discounted price Investors who buy continue to sell profits from the ETF.
Bloomberg analyst Eric Balchunas said: “Normally you see trading volumes gradually decline each day after a highly anticipated open, it is rare to see the opposite. All but one rose, but this is not due to volatility as the change in GBTC was flat. “I think it’s a good sign.” he commented.
However, GBTC’s discount increased to 96 basis points again. It may be due to sales pressure It is estimated.