After Grayscale’s converted product dominated spot bitcoin exchange-traded fund daily volumes for 14 days, BlackRock’s IBIT overtook GBTC for the first time on Thursday.

IBIT generated $303.97 million in daily trading volume yesterday, compared to $292.37 million for GBTC, according to The Block’s data dashboard. Fidelity’s FBTC was in third with $171.84 million. The remaining new spot bitcoin ETFs generated volumes of less than $100 million each.

Both BlackRock’s and Fidelity’s spot bitcoin ETFs were already closing in on GBTC’s daily trading volume earlier in the week, and at one point it appeared they would surpass Grayscale’s converted fund on Tuesday.

“BlackRock's IBIT is the first ETF to trade more than Grayscale's GBTC in a single day,” Bloomberg ETF analyst James Seyffart said. “Total trading today was kind of a dud though at $924 million — the first day below $1 billion in dollar volume for the group since launch.”

The cumulative trading volume for the spot bitcoin ETFs is now approaching $30 billion.

BlackRock’s IBIT also led in terms of inflows on Thursday, adding $163.9 million to the fund. FBTC was again in second with $35.8 million worth of inflows, while GBTC registered $182 million in outflows — the lowest since Jan. 11. Net inflows came in at $38.5 million yesterday — the fifth consecutive day of inflows. Total net inflows currently stand at around $1.4 billion after 15 days of trading, according to BitMEX Research data.

GBTC market share falls as outflows slow

The prior dominance of GBTC, a conversion of Grayscale’s previously existing Bitcoin BTC +2.73% Trust rather than being a newborn spot bitcoin ETF like the others, follows significant outflows from the product since launch day on Jan. 11. The higher-fee GBTC product has now shed over $5.8 billion worth of assets in the period, compared to combined inflows of $7.2 billion for the nine newborn ETFs, per BitMEX Research.

However, that dominance has begun to subside in recent days, with profit-taking on GBTC having largely concluded, according to JPMorgan analysts. GBTC investors — who over the past year had been buying the fund's shares at a significant discount to net asset value to position for a potential ETF conversion — were "taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs," the analysts previously noted.

Earlier this week, The Block reported the nine newborn spot bitcoin ETFs had now amassed over 150,000 BTC as GBTC’s market share by trading volume nearly halved from a peak of 63.9% on Jan. 17 to 36.4%. GBTC’s market share has fallen further over the past few days to 31.4%, with IBIT at 32.6% and FBTC at 18.4% as of Thursday’s data.

Bitcoin is currently trading at $43,060, according to The Block’s price page. The leading cryptocurrency by market cap is up 2% during the past 24 hours and 4.4% over the last week. However, it remains down around 12% since the spot bitcoin ETFs began trading.

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