Spot Bitcoin ETF cumulative trading volume exceeds $50 billion
Quick Take
- Cumulative trading volume for spot Bitcoin ETFs broke past $50 billion yesterday.
- The ETFs also returned to net inflows, bringing in $251.4 million on Thursday.
Cumulative trading volume for the new spot Bitcoin 
BTC
-8.86%
exchange-traded funds reached more than $50 billion on Thursday, six weeks after the Securities and Exchange Commission gave ETFs from BlackRock, Fidelity and Bitwise, among others, the green light.
Spot Bitcoin ETF cumulative volumes increased from $28.3 billion at the start of the month to $50.5 billion by the close of trading yesterday, boosted by a multi-week high trading volume of more than $2.5 billion on Tuesday, according to The Block’s data dashboard.
Thursday’s spot Bitcoin ETF trading volume came in at $1.2 billion, led by BlackRock’s IBIT on $457.2 million, followed by Grayscale’s GBTC and Fidelity’s FBTC on $348.8 million and $255.7 million, respectively.
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 28.6% as of yesterday, coinciding with persistent daily outflows. BlackRock’s IBIT has been the principal benefactor, growing from a 22.1% market share to 37.4% during the same period. Fidelity’s FBTC is in third place with a 20.9% share of the market.
Spot Bitcoin ETFs return to net inflows after Wednesday’s net outflows
The spot Bitcoin ETFs also returned to net inflows of $251.4 million on Thursday after recording net outflows of $35.7 million on Wednesday — the first since Jan. 25, according to data from BitMEX Research.
RELATED INDICES
Fidelity’s FBTC led yesterday’s inflows, adding $158.9 million. BlackRock’s IBIT registered $125.1 million worth of inflows, while Grayscale’s GBTC witnessed $55.7 million in outflows. The remaining funds generated inflows of less than $10 million each. Total net flows now stand at around $5.3 billion.
Newborn nine ETFs approach 300,000 BTC in AUM
In terms of Bitcoin held, the newborn nine spot Bitcoin ETFs — excluding Grayscale’s converted GBTC fund — are fast approaching 300,000 BTC, with 292,615 BTC in assets under management, per BitMEX Research, equating to around $14 billion.
In contrast, assets held by Grayscale’s GBTC have fallen by over 25% from around 619,000 BTC on Jan. 11 to 454,660 BTC ($24 billion) as of yesterday.
Bitcoin is currently trading at $51,207, according to The Block’s price page. The largest cryptocurrency by market capitalization is down 2% over the past week. However, it remains up 26.5% this month and 21% 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.
