The trading volume for Grayscale’s GBTC has seen a significant surge following multiple new spot exchange traded fund filings.

On July 13, the daily volume for Grayscale’s primary fund reached the highest level of the year, reaching over $183 million.

GBTC volumes surge to new ATH

This surpasses the previous record of over $170 million on June 20, as reported by data from The Block’s data dashboard.

Recently, Grayscale has been trying to sue the Securities and Exchange Commission to transform GBTC into a legitimate spot bitcoin ETF.

However, since BlackRock announced that it would file for a spot bitcoin ETF on June 15, Grayscale has seen a decrease in the discount of their product’s net-asset-value.

This competition has caused an increase in inflows across existing products in the crypto asset management space.

The discount decreases by half

According to The Block’s data dashboard, the discount has decreased from -44% on June 13 to -28% on July 10.

In other recent financial news, it has been revealed the fact that ten states, which include Alabama, California, and New Jersey, have filed actions against the exchange to stop its staking program within their jurisdictions. This comes after the Securities and Exchange Commission filed a lawsuit against the firm in June.

The SEC and several states argue that the product constitutes an unregistered security offering.

Coinbase claims staking is not a security, maintaining that it is a “core part of ensuring the cryptoeconomy functions for hundreds of millions of users around the globe.”

The company has been communicating with policymakers in multiple states to ensure that its staking program remains available to all users.

On the other hand, it is also worth noting the fact that in California, New Jersey, South Carolina, and Wisconsin, the company will no longer be able to accept additional staking assets from customers.

“Customers’ crypto that was staked before these orders were issued remains unaffected,” the company said in the Friday blog post. “Impacted customers have received an email with more information specific to their state, and all customers can visit our Help Center to learn more about these actions and the changes we will be implementing in the coming weeks in these four states.”

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