Spot bitcoin ETF cumulative trading volume crosses $200 billion

Cumulative trading volume for U.S. spot Bitcoin exchange-traded funds surpassed $200 billion on Tuesday, less than three months after the Securities and Exchange Commission approved ETFs from BlackRock, Fidelity, Bitwise and others.

Spot Bitcoin ETF cumulative trading volume has nearly doubled in the last month alone — from when total volume first crossed the $100 billion mark on March 8 — to hit $201.7 billion by the close of trading yesterday, according to The Block’s data dashboard.

Tuesday’s spot Bitcoin ETF trading volume came in at $2.9 billion, significantly down from a peak of $9.9 billion on March 5. BlackRock’s IBIT led yesterday’s volume, generating $1.4 billion in trading, followed by Grayscale’s GBTC and Fidelity’s FBTC on $677 million and $488 million, respectively.

BlackRock’s spot Bitcoin ETF hits 50% market share

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 23.5% as of yesterday, coinciding with significant daily outflows.

BlackRock’s IBIT has been the principal benefactor, growing from a 22.1% market share on Jan. 11 to 52% on Monday before dropping back to 48.1% yesterday. Fidelity’s FBTC is in third place with a 16.9% share of the market.

ETFs see further net outflows as bitcoin drops 5%

The U.S. spot Bitcoin ETFs witnessed net outflows of $18.6 million on Tuesday, following the $223.8 million in outflows on Monday, according to BitMEX Research data.

Grayscale’s GBTC saw $154.9 million in outflows, overpowering leading inflows of $128.7 million from BlackRock’s IBIT. Bitwise’s BITB registered the second-largest inflows on Tuesday, adding $3.8 million, with Fidelity’s FBTC adding $3 million and Hashdex’s DEFI $0.8 million. The remaining ETFs recorded zero flows yesterday. 

Overall flows for the spot Bitcoin ETFs have slowed since peaking at a net daily inflow of $1.05 billion on March 12, as bitcoin approached its latest all-time high of $73,836, with total net inflows for the combined ETFs currently standing at $12.4 billion.

Yesterday represented the second consecutive day of net outflows for the funds for the first time since March 22 as bitcoin’s price slid 5% from a peak of $71,761 to a low of $68,200.

Bitcoin is currently trading at $69,015, according to The Block’s price page, up over 63% year-to-date.

BTC/USD price chart. Image: The Block/TradingView.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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