Spot Bitcoin ETF cumulative trading volume exceeds $50 billion
Cumulative trading volume for spot Bitcoin ETFs broke past $50 billion yesterday.The ETFs also returned to net inflows, bringing in $251.4 million on Thursday.
Spot Bitcoin ETF cumulative volumes increased from $28.3 billion at the start of the month to $50.5 billion by the close of trading yesterday, boosted by a multi-week high trading volume of more than $2.5 billion on Tuesday, according to The Block’s data dashboard.
Thursday’s spot Bitcoin ETF trading volume came in at $1.2 billion, led by BlackRock’s IBIT on $457.2 million, followed by Grayscale’s GBTC and Fidelity’s FBTC on $348.8 million and $255.7 million, respectively.
Grayscale’s higher fee GBTC fund has been gradually squeezed for market share by trading volume, down from 50.5% when the spot Bitcoin ETFs launched on Jan. 11 to 28.6% as of yesterday, coinciding with persistent daily outflows. BlackRock’s IBIT has been the principal benefactor, growing from a 22.1% market share to 37.4% during the same period. Fidelity’s FBTC is in third place with a 20.9% share of the market.
Spot Bitcoin ETFs return to net inflows after Wednesday’s net outflows
The spot Bitcoin ETFs also returned to net inflows of $251.4 million on Thursday after recording net outflows of $35.7 million on Wednesday — the first since Jan. 25, according to data from BitMEX Research.
Fidelity’s FBTC led yesterday’s inflows, adding $158.9 million. BlackRock’s IBIT registered $125.1 million worth of inflows, while Grayscale’s GBTC witnessed $55.7 million in outflows. The remaining funds generated inflows of less than $10 million each. Total net flows now stand at around $5.3 billion.
Newborn nine ETFs approach 300,000 BTC in AUM
In terms of Bitcoin held, the newborn nine spot Bitcoin ETFs — excluding Grayscale’s converted GBTC fund — are fast approaching 300,000 BTC, with 292,615 BTC in assets under management, per BitMEX Research, equating to around $14 billion.
In contrast, assets held by Grayscale’s GBTC have fallen by over 25% from around 619,000 BTC on Jan. 11 to 454,660 BTC ($24 billion) as of yesterday.
Bitcoin is currently trading at $51,207, according to The Block’s price page . The largest cryptocurrency by market capitalization is down 2% over the past week. However, it remains up 26.5% this month and 21% year-to-date.
BTC/USD price chart. Image: The Block/TradingView .
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.
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