In a third day of trading, the top three spot bitcoin ETFs by trading volume have positioned themselves heads and shoulders above the rest by nabbing just about 90% of the burgeoning market. 

Funds offered by Grayscale, BlackRock and Fidelity are the clear leaders among the 11 spot bitcoin ETFs currently trading. After gaining approval, the new instruments began trading last week.

As Tuesday trading came to a close, the three top funds had generated about $1.6 billion of the $1.8 billion of total trading volume, according to data from Yahoo Finance compiled by The Block.

The third day of trading finished well below the $3.1 billion seen on Friday. On last Thursday, the first day of trading, the total volume came in at $4.6 billion.

BlackRock may become 'Liquidity King'

While Grayscale has been the clear leader in terms of volume among the new crypto-based instruments, the firm's ETF, which is a conversion of its flagship flagship GBTC fund, has experienced considerable outflows, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas. 

Grayscale's spot bitcoin ETF has shed more than $500 million since it started trading last week, according to Balchunas, who posted data to the social media platform X on Tuesday. BlackRock's ETF is the "most likely to overtake" Grayscale as "Liquidity King," he also said.

The funds offered by BlackRock and Fidelity have, in comparison, seen inflows over $400 million since they began trading.

Overall, Balchunas said trading activity for the new funds was healthy. Cumulative volume over the first three days is now over $9.5 billion. 

"About the same pattern dropoff rate as $BITO (which again was the most successful organic launch in ETF history)," Balchunas added.

(Updates with figures from market closing.)