Recently, there has been a wave of enthusiasm for Bitcoin spot ETFs in the financial market. It is reported that BlackRock Group (BlackRock) expressed confidence in applying for Bitcoin spot ETFs, and at the same time, the trading volume of Grayscale Bitcoin Trust (GBTC) has soared by as much as 400%. This series of dynamics has attracted the attention of the market and has also sparked heated discussions among countless investors. Let us open a new chapter in the field of digital currency and explore the details and possible impacts.

As one of the world's largest asset management companies, BlackRock Group's positive attitude towards Bitcoin spot ETFs has attracted widespread attention. Against the backdrop of traditional financial institutions gradually accepting cryptocurrencies, BlackRock's move has undoubtedly brought a breath of fresh air to the digital asset market. This move is also seen as an optimistic view of the future development prospects of Bitcoin. Stimulated by this news, the discussion about Bitcoin ETFs in the market has become more heated, and investors have begun to pay attention to this potential investment opportunity.

At the same time, the surge in trading volume of Grayscale Bitcoin Trust (GBTC) has added a touch of color to the market. As an institution focusing on cryptocurrency investment, Grayscale's GBTC has always attracted market attention. And this time the surge in trading volume is even more amazing. According to data, GBTC's trading volume soared by 400%, which not only reflects the market's enthusiasm for Bitcoin investment, but also shows that investors continue to be optimistic about digital currencies. This phenomenon has also triggered more thinking about digital asset investment in the market. Many investors have begun to re-examine their investment portfolios and think about whether they need to add more digital assets.

In the context of the ever-changing digital currency market, the application of Bitcoin ETF and the surge in GBTC trading volume have undoubtedly brought more choices and opportunities to investors. This also allows us to see the potential and vitality of the digital currency market. Whether it is the intervention of traditional financial institutions or the rise of digital asset investment, it indicates that the future of the digital currency market will be more colorful. As investors, we need to continue to learn and understand market dynamics, seize opportunities, and realize wealth appreciation.

In summary, BlackRock Group's confidence in Bitcoin spot ETF and the surge in Grayscale Bitcoin Trust (GBTC) trading volume are undoubtedly important events in the digital currency market and important milestones in the development of the market. As the digital asset market continues to grow and develop, we believe that there will be more opportunities and challenges waiting for us in the future. Let us seize these opportunities and witness the prosperity and development of the digital currency market together!

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On the 15th, asset management giant BlackRock submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch the Bitcoin spot ETF "iShares Bitcoin
Trust", pushing Bitcoin to continue to rise. Eric Balchunas, a senior ETF analyst at Bloomberg, is more optimistic that this application will be approved by the end of this year.

According to data from The Block, the day before BlackRock filed this ETF application, the daily trading volume of Grayscale Investments' Bitcoin Trust Fund GBTC was US$16.1 million. Just five days after BlackRock filed the application, GBTC's daily trading volume soared to nearly US$80 million, an increase of about 400%.

Rebecca
Stevens, a research analyst at The Block Research, pointed out that Grayscale's application to convert GBTC into a Bitcoin spot ETF was rejected by the SEC last year. Grayscale has been waging a legal battle with the SEC over this decision, but there has been no final ruling yet. Now that the market is optimistic about BlackRock's application for a Bitcoin spot ETF, Grayscale's efforts are also expected to have good results.

According to Coinglass data, the total holdings of Grayscale Funds currently amount to US$21.306 billion, with a daily increase of 5.21%, and the negative premium of GBTC has narrowed to 36.60%, which is about 25.13% lower than the highest negative premium rate in December 2022. In comparison, the ETH trust premium rate is -52.76%, ETC is -59.97%, LTC is -44.33%, and BCH is -15.05%.

GBTC is currently quoted at US$16.85, with a daily increase of 11.44%, and an increase of 27.65% in the past 5 days. Since hitting a low of US$7.86 in December last year, GBTC has increased by 120.73% in half a year. During this period, the spot price of Bitcoin has increased by about 71.85%, which means that GBTC has performed significantly better than Bitcoin in the past six months.

Grayscale GBTC to Bitcoin ETF Hopes Increase

Currently, the lawsuit between the SEC and Grayscale regarding "GBTC to Bitcoin Spot ETF" is still ongoing. However, after the two parties debated in court on March 7 this year, Bloomberg analysts have raised Grayscale's chances of winning from 40% to 70%. Grayscale CEO Michael
Sonnenshein said recently that the case is expected to have a result before the end of September this year.

Regarding why the negative premium of GBTC is narrowing significantly, Bloomberg reported that the reason is that after BlackRock filed an application, investors bet that the possibility of success of GBTC conversion to Bitcoin spot ETF has become greater. Although the SEC has repeatedly rejected Bitcoin spot ETFs on the grounds of market manipulation and lack of investor protection, BlackRock's application is seen as a sign that the SEC may change its mind.