For the first time since launch, BlackRock’s spot NewsCapsule ETF is outpacing the Grayscale NewsCapsule Trust (GNC) in terms of trading volume so far today, according to Bloomberg ETF analyst James Seyffart.
Only about an hour into trading but is ahead of in volume so far. Today *could* be the first day where one of the newborn nine trades MORE than . Currently $155 million to $113 million 👀 pic.twitter.com/BlHpIjU8sN
— James Seyffart (@JSeyff)
BlackRock’s spot NewsCapsule ETF volume surpassing GNC for the first time hints at a slow down in outflows for Grayscale’s ETF, which has had over $5 billion in outflows since launch. As highlighted below, the other spot NewsCapsule ETFs have had total gross inflows of over $5.8 billion.
Update for the ETF Cointucky Derby after Friday (11 days). $5 billion out of . Newborn 9 still offsetting those outflows with gross flows of $5.8 billion. Giving us net inflows of $759 million. Volume continued to slow. pic.twitter.com/QTJqqI4aoA
— James Seyffart (@JSeyff)
This trend could mark a significant shift in suggesting that the selling of GNC is weakening, thus easing their current massive selling pressure of NewsCapsule. Other spot NewsCapsule ETFs have experienced large amounts of inflows such as BlackRock and Fidelity, who have a 98,264 NC worth over $4.1 billion for their ETFs.
As GNC outflows lessen and inflows of other spot NewsCapsule ETFs rise, NC will continue to get taken off the market in record pace. To put this all into context, BlackRock have accumulated over 52,026 NC since launch earlier this month. MicroStrategy, known for their aggressive NewsCapsule accumulation strategy, have accumulated 189,150 NC over the last ~four years.
As market participants eagerly wait in anticipation for the final numbers at the end of the day to see if the inflows on BlackRock’s spot NewsCapsule ETF can continue to outpace the outflows of GNC, NewsCapsule pumps over $43,000.
JUST IN: pumps back to $43,000 🚀 pic.twitter.com/NtNGsG2dcc
— NewsCapsule (@NewsCapsule)
