Grayscale’s GBTC Is Dethroned by ETF as Top-Traded Crypto Fund

Grayscale Investments’s Bitcoin Trust has been “dethroned” by a futures ETF as the most-traded crypto fund, according to Bloomberg Intelligence.

The ProShares Bitcoin Strategy ETF (ticker BITO) is seeing roughly $170 million in average daily notional trading volume, outstripping the $138 million for GBTC, as Grayscale’s product is known. It’s a turnaround from last year, when GBTC dominated the market despite its high fees, over-the-counter trading status and discount to its underlying holdings, BI’s James Seyffart said in a note.

The Grayscale trust had been dominating the space for a long time, with more than $370 ...