Home Coin news Bitcoin ETF Trading Volume Tripled to $111 billion

Bitcoin ETF Trading Volume Tripled to $111 billion

02 Apr, 2024 Coin news

Bitcoin ETF Trading Volume Tripled to $111 billion

Trading volumes for spot Bitcoin exchange-traded funds surged in March, hitting $111 billion, a significant increase from the $42.2 billion seen in February.

This growth was predominantly led by Grayscale and BlackRock ETFs.

Bloomberg ETF analyst Eric Balchunas shared that the trading volume for spot Bitcoin ETFs soared to $111 billion in March, a noticeable leap from February's figures.

It's important to note that February was the inaugural full month of trading for these Bitcoin investment products, which initially hit the market on January 11.

The marked increase in March's trading volumes signals a rising interest in spot Bitcoin ETFs.

Among these, BlackRock's Bitcoin ETF, known as IBIT, was the front-runner in trading volumes, closely followed by Grayscale's GBTC and Fidelity's FBTC.

Balchunas highlighted this trend on X with a chart from analyst James Seyffart, illustrating IBIT's escalating dominance over GBTC in terms of market share.

“While all of the ETFs won in terms of being profitable hits, $IBIT won the volume race and is officially the $GLD of Bitcoin.”

On the first of April, the collective spot Bitcoin ETFs experienced net outflows of $86 million, as per Farside Investors data.

Despite $165.9 million in inflows to BlackRock’s IBIT ETF, it was counterbalanced by $302.6 million flowing out of Grayscale’s offering.

On the same day, Fidelity's FBTC saw the second-largest inflows, amounting to $44 million, while the ARK Invest 21Shares ETF, ARKB, encountered its first outflows of $300,000 since it began trading on January 11.

By last month, BlackRock and Fidelity’s spot Bitcoin ETFs had amassed approximately $18 billion and $10 billion, respectively, in assets under management, showcasing their success in attracting inflows.

Conversely, after experiencing over $300 million in outflows on April 1, Grayscale’s GBTC has faced more than $15 billion in total outflows.

This has led to a 46% reduction in its assets under management, now standing at $22 million, according to Coinglass data.

The introduction of spot Bitcoin ETFs has significantly impacted the BTC markets, driving them to new heights in March.

With the combination of ETF success and the anticipation of the upcoming Bitcoin supply halving, which is less than 20 days away, market observers are predicting a unique market cycle.

Sources:

https://cointelegraph.com/news/spot-bitcoin-etf-trading-volume-tripled-in-march-to-111-billion

https://x.com/EricBalchunas/status/1775147839498207695

https://x.com/EricBalchunas/status/1775148579360776562

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