Spot Bitcoin ETF Trading Exceeds $10B In First 3 Days

Key Points:

• Spot Bitcoin ETF trading volume is debuting at $10 billion in three days, led by Grayscale and BlackRock.
• Grayscale’s GBTC hits $5.174 billion, and BlackRock strengthens its Bitcoin holdings position.
• Despite contributing 60% to total volume, Grayscale sees significant outflows, totaling $1.173 billion in three days.

In a remarkable debut on the market, spot Bitcoin ETF trading has surged, accumulating an impressive volume of approximately $10 billion within their initial three days. Data analyzed by Bloomberg’s James Seyffart reveals that the US spot Bitcoin ETF achieved a collective trading volume nearing $10 billion during this period.

Spot Bitcoin ETF Trading Marks $10 Billion Since Launch

Grayscale Investments and BlackRock, eminent players in the field, have spearheaded the competition. Notably, Grayscale’s GBTC commanded a substantial trading volume of $5.174 billion in the first three days, while BlackRock’s IBIT closely followed with $1.997 billion. Fidelity‘s FBTC secured a noteworthy trading volume of $1.479 billion during the same period.

ETF analyst Eric Balchunas from Bloomberg observes BlackRock’s escalating position in Bitcoin holdings, anticipating a potential surpassing of MicroStrategy in the near future. The combined trading volume of BlackRock and Fidelity’s spot Bitcoin ETFs already exceeds $3.1 billion, primarily driven by fund inflows.

However, an intriguing trend emerged as Grayscale’s GBTC and ProShares‘ BITO, despite contributing over 60% to the total trading volume, experienced substantial fund outflows. Investors, recuperating from losses over the past year, seemingly opted to sell their holdings.

In particular, Grayscale GBTC saw a noteworthy outflow of funds, reaching $594 million on the third day of Bitcoin spot ETF trading, culminating in a total outflow of $1.173 billion within the initial three days.

As the dust settled on the third day of spot Bitcoin ETF trading, it became evident that Grayscale, BlackRock, and Fidelity’s offerings had cemented themselves as the top contenders, securing nearly 90% of the burgeoning market. These three industry leaders, having gained regulatory approval, entered the market last week, promising continued excitement and growth in the evolving landscape of cryptocurrency investment.