The cumulative volume for the 11 spot bitcoin ETFs exceeded $11.1 billion on Wednesday in their fourth day of trading, according to Yahoo Finance data compiled by The Block.

Grayscale, BlackRock and Fidelity are continuing to dominate with more than 90% of the total trading volume. Daily volume, however, declined again to $1.5 billion as compared with Tuesday when the total volume for the new products registered at $1.8 billion. Both days of trading so far this week rank well below the $3 billion seen last Friday and the $4.6 billion seen on day one.

On Tuesday, BlackRock and Fidelity's spot bitcoin ETFs led in terms of fresh capital flowing into the total 11 crypto-based instruments trading on different exchanges, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas. Each of the two funds have brought in more than $400 million of inflows.

'Great news for crypto as an asset class'

"In the medium to long term, the ETF development is great news for crypto as an asset class, as it really puts BTC on the map of millions of investors and potential 401(k)s," XBTO Senior Trader Douglas Comin told The Block. "However it'll take time for the inflows to build and the recent hype might have had short term traders seeking a rapid gain."

The price of bitcoin, meanwhile, has dipped below $43,000 after surpassing $48,000 last week as the ETFs began trading. It declined 1.4% on Wednesday to $42,602.