BlackRock's Bitcoin ETF (IBIT) has surpassed Grayscale Bitcoin Trust (GBTC) in trading volume for the first time.

IBIT has attracted nearly $3 billion in inflows, while GBTC has lost $5.6 billion in assets since converting to an ETF.

Reasons for GBTC's decline:

High fees (1.5%) compared to competitors (0.19% - 0.39%).

Inability to sell shares at net asset value.

Bright spots:

Net inflows into 10 spot Bitcoin ETFs have rebounded above $1 billion.

IBIT and FBTC have attracted $2.8 billion and $2.5 billion in net inflows, respectively.

Conclusion:

BlackRock is gaining an edge in the Bitcoin ETF market.

GBTC needs to improve to compete with other funds.

The future of the Bitcoin ETF market remains highly promising.