June 21 (Cointime) - The daily trading volume of Grayscale's Bitcoin Investment Trust (GBTC) has soared from $16.1 million to nearly $80 million following asset management firm BlackRock's filing for a spot bitcoin ETF. The volume has spiked about 400% in just five days after the filing on June 14.

Rebecca Stevens, a research analyst at The Block Research, believes that if BlackRock is successful in its bid for a spot bitcoin ETF, it could pave the way for Grayscale to get its non-redeemable trust shares changed as well. Grayscale's proposal to convert GBTC into a spot bitcoin ETF was rejected by the Securities and Exchange Commission on June 29, 2022. The firm subsequently sued the SEC on the same day in an attempt to challenge the decision.