Bitcoin mining stocks top $3.5B in trading volume as GBTC outtrades ‘99% of ETFs’
Crypto mining firms saw robust trading volumes on American bourses on Monday, with some mining shares even outpacing well-known U.S. tech giants.
The total trading volume among the two largest Bitcoin mining firms — Marathon Digital and Riot Platforms — was a combined $3.55 billion on Jan. 8, according to data from Yahoo Finance.
Marathon Digital (MARA) even secured the position as the top-traded stock in the United States on the day with a volume of 112 million total shares traded, according to Yahoo.
This put the Bitcoin miner ahead of Tesla, AMD, Nvidia, and Apple by a clear margin. Tesla, the second most traded stock in the U.S. on Monday, had a daily trading volume of around 85 million traded shares comparatively.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) traded close to half a billion on Jan. 8, which is more than 99% of the 3,000 current ETFs, observed industry expert Eric Balchunas.
He added a reminder that “they are bringing a (volume) gun to a knife fight if they launch with everyone else,” in reference to the anticipated pending approval of spot Bitcoin ETFs this week.
Grayscale hopes to convert or “uplist” its fund to a spot ETF, pending a green light from the Securities and Exchange Commission.
$GBTC traded close to half a billion today, which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent. Another fascinating sub-plot. pic.twitter.com/506EG3PR7t
— Eric Balchunas (@EricBalchunas) January 8, 2024
Related: Spot Bitcoin ETF issuers file amended S-1 applications — Now await SEC approval
Marathon's outperformance comes amid a wider boom in the Bitcoin mining sector. On Jan. 8, Core Scientific secured a $55 million equity investment as it emerged from its debt crisis.
As reported by Cointelegraph , the $55-million equity offering expired last week and was oversubscribed. The firm plans to relist on the Nasdaq exchange after bankruptcy proceedings are finalized, joining the high-flying mining stocks outperforming this week.
Additionally, CleanSpark announced a strategic agreement that could see it purchase up to 160,000 miners by the end of 2024.
Magazine: 10 best long reads about crypto in 2023
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SOL and Meme Coins Are Booming Again

Leading Crypto Presale: Nexchain’s Stage 11 Hits $1.5M with $NEX at $0.042
You can participate in the ongoing Nexchain's presale and gain exposure to one of the leading AI crypto projects before the major exchanges.

Ethereum’s “Trillion Dollar Security” Boosts Onchain Safety
Ethereum Foundation unveils "Trillion Dollar Security" to enhance wallet, UX, and smart contract security.A Step Toward Mass Adoption

Tokenized U.S. Equities: Breakthrough or Just Hype?
Are tokenized U.S. equities the future or just noise? Explore their roots, market trends, and regulatory roadblocks.Where It All Began: From STOs to Tokenized StocksRegulatory Hurdles and the Real-World GapSymbolic Progress, Real Potential

Trending news
MoreCrypto prices
More








