trade volume explodes and reaches $200 billion

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

Accumulated volume of spot Bitcoin ETFs explodes in the US

The spot Bitcoin ETF market is experiencing explosive growth, crossing $200 billion in cumulative trading volume yesterday. This milestone is reached less than 3 months after the approval of the ETFs 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, the total trading volume of spot Bitcoin ETFs nearly doubled during the month of March. This amount increased from $100 billion to $201.7 billion.

Despite this impressive performance, daily trading volume has fallen significantly since peaking at $9.9 billion on March 5.. On Tuesday, it stood at $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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GBTC,‘ETF of Greyscale, 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 ETFs launched on January 11, that figure fell to 23.5% yesterday, coinciding with significant daily outflows.

This situation benefits BlackRock’s IBIT, whose market share rose from 22.1% on January 11 to 52% this Monday (before the drop to 48.1% yesterday). Fidelity’s FBTC comes in third with 16.9% market share.

Despite market growth, spot Bitcoin ETFs saw net outflows yesterday amounting to $18.6 million. According to data from BitMEX Research, this number follows the $223.8 million in outflows recorded on Monday.

Grayscale’s GBTC outflow of $154.9 million surpasses BlackRock’s IBIT inflow of $128.7 million. Bitwise’s BITB saw the second 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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Money inflows into spot Bitcoin ETFs have slowed significantly since their peak of $1.05 billion recorded 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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