Cumulative Spot Bitcoin ETF Volumes Reach $50 Billion in Six Weeks
Cumulative trading volume for the new spot Bitcoin exchange-traded funds (ETFs) has exceeded $50 billion, just six weeks after receiving approval from the Securities and Exchange Commission. This surge in trading activity highlights the growing demand for Bitcoin investment vehicles.
- The cumulative trading volume for spot Bitcoin ETFs increased from $28.3 billion to $50.5 billion within a month.
- The highest daily trading volume of over $2.5 billion was recorded on Tuesday.
- BlackRock’s IBIT led the trading volume with $457.2 million, followed by Grayscale’s GBTC and Fidelity’s FBTC.
- Grayscale’s GBTC has seen a decrease in market share, while BlackRock’s IBIT has gained market dominance.
Spot Bitcoin ETFs Return to Net Inflows
After experiencing net outflows on Wednesday, spot Bitcoin ETFs have returned to net inflows of $251.4 million on Thursday. This demonstrates renewed investor confidence and interest in these investment products.
- Fidelity’s FBTC led the inflows with $158.9 million.
- BlackRock’s IBIT saw inflows of $125.1 million.
- Grayscale’s GBTC experienced outflows of $55.7 million.
- Total net flows for spot Bitcoin ETFs currently stand at around $5.3 billion.
Newborn Spot Bitcoin ETFs Approach 300,000 BTC in AUM
The newly launched spot Bitcoin ETFs, excluding Grayscale’s converted GBTC fund, now hold nearly 300,000 BTC in assets under management (AUM). This signifies a significant shift in Bitcoin investment strategies, as investors increasingly opt for ETFs over the traditional GBTC.
- The nine spot Bitcoin ETFs hold 292,615 BTC in AUM, equivalent to approximately $14 billion.
- Grayscale’s GBTC has seen a decline in assets, falling from around 619,000 BTC to 454,660 BTC ($24 billion) since the launch of spot Bitcoin ETFs.
Hot Take: Bitcoin Continues to Show Resilience
Bitcoin’s price currently stands at $51,207. Despite a slight dip in the past week, the cryptocurrency remains up by 26.5% this month and 21% year-to-date. The increasing popularity and trading volume of spot Bitcoin ETFs indicate the growing acceptance and adoption of Bitcoin as a mainstream investment asset.
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