US Spot Bitcoin ETF Trading Volume Once Again Exceeded $2 Billion

Key Points:

• Analysts report US spot Bitcoin ETF trading volume exceeding $2 billion, with GBTC leading at $1.013 billion.
• Fidelity’s FBTC surpasses BlackRock’s IBIT for the second day, marking a competitive trend in the cryptocurrency ETF market.
• Shift observed as investors favor spot Bitcoin ETFs over cost-incurring futures-based options like BITO.

In a recent analysis by Bloomberg analysts James Seyffart and Eric Balchunas, it was revealed that the US spot Bitcoin ETF trading volume remains robust.

Read more: In Which Countries Is Spot Bitcoin ETF Currently Approved?

US Spot Bitcoin ETF Trading Volume Cross $2 Billion Mark

Data from Seyffart indicates that today’s spot Bitcoin ETF trading volume has exceeded $2 billion, with Grayscale Bitcoin Trust (GBTC) contributing significantly, accounting for over half at $1.013 billion. Over the past seven trading days, the top seven out of ten US spot Bitcoin ETFs recorded a combined trading volume of more than $18.7798 billion.

Balchunas’ data unveils a competitive landscape, with Fidelity Bitcoin spot ETF (FBTC) surpassing BlackRock for the second consecutive day. Today, FBTC boasted a trading volume of $410 million, edging ahead of BlackRock’s IBIT at $394 million. Balchunas commented on the rivalry, stating, “Two heavyweights slugging it out. Perhaps we will see two The Ones in this case.”

The trend toward spot Bitcoin ETFs is gaining momentum, particularly as investors favor them over futures-based options like BITO. This shift is attributed to BITO’s inherent mechanism, requiring the rolling over of futures contracts, incurring additional costs that impact long-term performance.

Remarkably, Bitcoin has emerged as the second-largest ETF market in the U.S. by assets under management, surpassing silver. This data reflects the growing prominence of cryptocurrency-related investment vehicles in the financial landscape.