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.

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.