Spot bitcoin ETF cumulative trading volume crosses $200 billion
Cumulative trading volume for the U.S. spot Bitcoin ETFs broke past the $200 billion mark yesterday.The milestone comes amid continued net outflows for the funds on Tuesday as bitcoin’s price dropped around 5%.
Spot Bitcoin ETF cumulative trading volume has nearly doubled in the last month alone — from when total volume first crossed the $100 billion mark on March 8 — to hit $201.7 billion by the close of trading yesterday, according to The Block’s data dashboard .
Tuesday’s spot Bitcoin ETF trading volume came in at $2.9 billion, significantly down from a peak of $9.9 billion on March 5. BlackRock’s IBIT led yesterday’s volume, generating $1.4 billion in trading, followed by Grayscale’s GBTC and Fidelity’s FBTC on $677 million and $488 million, respectively.
BlackRock’s spot Bitcoin ETF hits 50% market share
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 23.5% as of yesterday, coinciding with significant daily outflows.
BlackRock’s IBIT has been the principal benefactor, growing from a 22.1% market share on Jan. 11 to 52% on Monday before dropping back to 48.1% yesterday. Fidelity’s FBTC is in third place with a 16.9% share of the market.
ETFs see further net outflows as bitcoin drops 5%
The U.S. spot Bitcoin ETFs witnessed net outflows of $18.6 million on Tuesday, following the $223.8 million in outflows on Monday, according to BitMEX Research data .
Grayscale’s GBTC saw $154.9 million in outflows, overpowering leading inflows of $128.7 million from BlackRock’s IBIT. Bitwise’s BITB registered the second-largest inflows on Tuesday, adding $3.8 million, with Fidelity’s FBTC adding $3 million and Hashdex’s DEFI $0.8 million. The remaining ETFs recorded zero flows yesterday.
Overall flows for the spot Bitcoin ETFs have slowed since peaking at a net daily inflow of $1.05 billion on March 12, as bitcoin approached its latest all-time high of $73,836, with total net inflows for the combined ETFs currently standing at $12.4 billion.
Yesterday represented the second consecutive day of net outflows for the funds for the first time since March 22 as bitcoin’s price slid 5% from a peak of $71,761 to a low of $68,200.
Bitcoin is currently trading at $69,015, according to The Block’s price page , up over 63% year-to-date.
BTC/USD price chart. Image: The Block/TradingView .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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