Spot bitcoin ETFs see $7 billion of cumulative volume with second day of trading underway
Quick Take
- After a memorable day one, spot bitcoin ETF volumes were once again significant during the second day of trading.
Spot bitcoin ETFs are seeing an active second day of trading on Friday, with cumulative volume approaching $7.1 billion as the price of the world's largest cryptocurrency by market capitalization dipped below $44,000.
In their first day of trading, the spot bitcoin ETFs generated nearly $4.6 billion in buying and selling. Day two of trading has so far seen over $2.5 billion of activity, according to Yahoo Finance data compiled by The Block.
"By all metrics: volume, number of trades, flows, media coverage, it was [a] smashing success, historical," Bloomberg Intelligence senior ETF analyst Eric Balchunas posted Friday morning in reference to day one of trading. "And that was despite limited platform availability."
BlackRock in the lead
BlackRock's brand new spot bitcoin ETF led all other freshly launched crypto-based products on Thursday with just over $1 billion in trading. Balchunas ranked BlackRock's fund as one of the top 25 day one performers in ETF history.
Grayscale led the funds in the category on Thursday with $2.3 billion of volume. And while initially some speculated volume for the institution's fund, a conversion of its flagship GBTC fund, had been primarily comprised of outflows, Bloomberg analysts posted Friday that the instrument only shed $95 million during the first day of trading.
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Bloomberg Intelligence's James Seyffart called that figure "a fraction" of what he "and many were thinking." He also added: "This means yesterday was a huge success."
Nearing the end of Friday trading, Grayscale again led all spot bitcoin ETFs in day two volume with $1.5 billion as of 2:32 p.m. ET. BlackRock ranked second with $459 million.
Another spot bitcoin fund may have led in the important metric inflows on Thursday, however, with Bitwise's product seeing $238 million in fresh capital flowing into its fund, according to Bloomberg data.
The data suggests that after Bitwise, Fidelity placed second, recording $227 million of inflows with BlackRock netting $112 million. However, this data is subject to change, and these figures could increase.
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