Spot bitcoin ETF: trading volume explodes to $200 billion

The cumulative volume of spot bitcoin ETFs has crossed the $200 billion mark less than 3 months after they were approved by the Securities and Exchange Commission (SEC). Does this growth demonstrate growing investor interest in this new asset class?

The cumulative volume of spot bitcoin ETFs in the United States is exploding

The Spot Bitcoin ETF Market Is Exploding, Passing $200 Billion in Cumulative Trading Volume Yesterday. This milestone was achieved less than 3 months after the ETF was approved by the United States Securities and Exchange Commission (SEC). ETFs from several traditional financial giants such as BlackRock, Fidelity and Bitwise were accepted during the month of January 2024.

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According to data from The Block, total trading volume for spot bitcoin ETFs nearly doubled during the month of March. This volume increased from 100 billion to 201.7 billion dollars.

Despite this impressive performance, daily trading volume has declined significantly since March 5, when it peaked at $9.9 billion.. On Tuesday, it was $2.9 billion.

BlackRock’s IBIT led volumes yesterday, generating $1.4 billion in trading volume, followed by Grayscale’s GBTC ($677 million) and Fidelity’s FBTC ($488 million).

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After degrees of gray, BlackRock takes the lead

GTC,‘ETF of Grayscale, which allows institutional investors to gain exposure to bitcoin, has seen its market share gradually decline since the arrival of spot bitcoin ETFs. While it held 50.5% of the market when the ETF launched on Jan. 11, that figure fell to 23.5% yesterday, coinciding with significant daily outflows.

The situation benefits BlackRock’s IBIT, whose market share rose to 52% this Monday from 22.1% on January 11. (before yesterday’s drop to 48.1%). Fidelity’s FBTC is in 3rd position with 16.9% market share.

Despite the market rally, spot bitcoin ETFs saw net outflows of $18.6 million yesterday. The figure follows a $223.8 million outflow recorded on Monday, according to data from BitMEX Research.

Grayscale’s GBTC outflow of $154.9 million, beating BlackRock’s IBIT inflow of $128.7 million. Bitwise’s BITB saw the 2nd largest inflow yesterday at $3.8 million, followed by Fidelity’s FBTC ($3 million) and Hashdex’s DEFI ($0.8 million).

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Inflows into spot bitcoin ETFs have slowed significantly since their peak of $1.05 billion on March 12. Currently, total net inflows across all ETFs are $12.4 billion. Meanwhile, Bitcoin is trading around $68,000, down 2% on the day.

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Source: TheBlock

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