Spot Bitcoin ETF cumulative trading volume exceeds $50 billion
Cumulative trading volume for the new spot Bitcoin exchange-traded funds reached more than $50 billion on Thursday, six weeks after the Securities and Exchange Commission gave ETFs from BlackRock, Fidelity and Bitwise, among others, the green light.
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.