Spot Bitcoin ETF Trading Volume Exceeds $1 Billion Mark

Key Points:

• Bitcoin ETF trading volume sees over $1 billion volume, and BlackRock’s IBIT leads over Grayscale’s GBTC.
• Grayscale’s GBTC holdings dropped to 470,637 Bitcoins.

On February 7, data from Bloomberg Intelligence revealed significant activity in the spot Bitcoin ETF trading volume, with a total volume exceeding $1 billion and a flow nearing $2 billion.

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

Bitcoin ETF Trading Volume Surpasses $1 Billion

BlackRock’s IBIT emerged as a frontrunner, surpassing Grayscale in trading volume, marking a notable shift in the landscape.

Grayscale’s official data indicated that as of the same date, GBTC held 470,637.4128 Bitcoins, with assets under management decreasing to $20,762,470,675.49 and circulating shares dropping to 526,870,100.

The approval of IBIT’s registration statement by the Securities and Exchange Commission (SEC) marked a pivotal moment for the cryptocurrency space, offering investors a regulated avenue to access Bitcoin through an Exchange-Traded Fund (ETF). The anticipation surrounding its launch translated into significant gains shortly after trading commenced, with robust inflows observed.

SEC Approval Boosts IBIT as CME Trading Volume Soars

Initially dominated by Grayscale, the spot Bitcoin ETF market saw challenges from BlackRock and Fidelity, leading to a fluctuating market landscape. Eventually, BlackRock overtook Grayscale in Bitcoin ETF trading volume, indicating dynamic shifts within the market.

Meanwhile, the derivatives giant Chicago Mercantile Exchange (CME) experienced a surge in trading volume in January, reaching $94.9 billion, the highest since October 2021. This increase coincided with the SEC’s approval of spot Bitcoin ETFs in the U.S., marking a significant milestone for institutional investors seeking exposure to the world’s largest cryptocurrency.