Daily Trading Volume of GBTC Surges in March, Bitcoin and Ethereum Chains Register High Transaction Volume

04/05/2023 10:15 • Tech Ticker • 121 views

According to reports, according to The Block Pro data, the daily trading volume of the grayscale Bitcoin Trust Fund GBTC increased by 67.6% in March to $55 million, setting a new high since December 2022. In addition, after the adjustment in March, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion, of which the transaction volume on the Bitcoin chain increased by 48.3% and the transaction volume on the Ethereum chain increased by 62.7%.

The daily average trading volume of grayscale GBTC in March rose to $55 million, reaching a new high since December 2022.

Bitcoin and Ethereum transactions have dominated the crypto market since their inception as they offer faster and cheaper financial transactions than traditional banking methods. Recently, according to The Block Pro data, Grayscale Bitcoin Trust Fund GBTC, a leading investment trust in the crypto space, saw a 67.6% increase in daily trading volume in March, reaching $55 million, breaking the record since December 2022. Meanwhile, after the adjustment in March, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion. Of this, the transaction volume on the Bitcoin chain increased by 48.3%, while the transaction volume on the Ethereum chain surged by 62.7%.

What is GBTC?

GBTC is a popular investment trust that aims to provide investors with easy access to Bitcoin investments. The trust issues shares that track the price of Bitcoin, allowing investors to gain exposure to the cryptocurrency through their brokerage accounts. GBTC is managed by Grayscale Investments, a subsidiary of Digital Currency Group, which invests in the development of the cryptocurrency ecosystem.

March Records for GBTC Trading Volume

The Grayscale Bitcoin Trust Fund GBTC hit an all-time high in daily trading volume in March 2021. According to The Block Pro data, GBTC’s daily trading volume surged by 67.6%, reaching $55 million. This increase in demand for GBTC shares is quite remarkable since the fund offers a passive way to invest in Bitcoin.
Investors who buy GBTC shares are not investing in Bitcoin directly but instead gain exposure to Bitcoin’s price movements through the shares offered by the trust. This is because the trust holds Bitcoin and issues shares whose value is pegged to the price of Bitcoin. This structure makes investing in Bitcoin easy for some investors who do not want to deal with the complexities of buying and storing Bitcoin.

High Transaction Volume on Bitcoin and Ethereum Chains

In addition to GBTC’s growth, the Bitcoin and Ethereum chains registered a significant increase in transaction volume in March 2021. According to The Block Pro data, the total transaction volume on the two chains increased by 48.8% compared to the previous month, with the Bitcoin chain’s transaction volume rising by 48.3%, while Ethereum’s transaction volume registered a massive 62.7% increase.
These transaction volumes reflect renewed interest in cryptocurrencies among retail and institutional investors. More companies are accepting cryptocurrencies as payment, while investment firms such as BlackRock are exploring Bitcoin as a potential asset class.

Conclusion

The surge in the daily trading volume of GBTC and the transaction volume on Bitcoin and Ethereum chains in March demonstrate the growing interest in cryptocurrencies as a viable investment option. GBTC offers investors an easy way to gain exposure to Bitcoin’s price movements, while the high transaction volumes on the two chains reflect renewed interest in cryptocurrencies among retail and institutional investors.

FAQs

Q1. Who manages GBTC?
GBTC is managed by Grayscale Investments, a subsidiary of Digital Currency Group, which invests in the development of the cryptocurrency ecosystem.
Q2. What is the transaction volume of Bitcoin and Ethereum chains in March?
According to The Block Pro data, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion in March.
Q3. How did GBTC’s daily trading volume perform in March 2021?
GBTC’s daily trading volume surged by 67.6%, setting a new high since December 2022, according to The Block Pro data.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/13460.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.