BlackRock and Fidelity Bitcoin ETFs on Track to Surpass Grayscale’s Fund
After several days of dominance, BlackRock and Fidelity spot bitcoin ETFs are poised to surpass Grayscale’s fund in terms of daily volume. Grayscale’s fund, which started with over $25 billion in assets under management, has seen a significant decrease in value. The BlackRock and Fidelity ETFs have consistently ranked second and third in terms of total trading volume, behind Grayscale.
As of 1:15 p.m. ET on Tuesday, BlackRock and Fidelity had generated $250 million and $207 million in trading volume, respectively. Grayscale ranked third with $202 million. These three issuers have accounted for about 90% of all buying and selling activity since the start of trading this month, leaving other spot bitcoin ETFs far behind.
Grayscale’s fund has lost over $5 billion in assets under management, while both BlackRock and Fidelity’s products have gained over $2 billion.
Total Spot Bitcoin ETF Volume Nears $27 Billion
In an effort to gain a competitive edge, Invesco and Galaxy Asset Management plan to reduce their fund’s fee from 0.39% to 0.25%. This move aligns them with most rivals. The total trading volume for all active spot bitcoin ETFs is approaching $27 billion. Many market watchers see the inflow of billions of dollars into these new ETFs as a positive development for digital assets.
Hot Take: Positive Growth for Bitcoin ETFs
The rise of BlackRock and Fidelity spot bitcoin ETFs indicates a shift in dominance away from Grayscale’s fund. With significant trading volumes and growing assets under management, these new ETFs are gaining traction in the market. Additionally, the reduction in fees by Invesco and Galaxy Asset Management demonstrates a commitment to staying competitive. The total spot bitcoin ETF volume nearing $27 billion is a testament to the growing interest and confidence in digital assets. This positive growth in the ETF market bodes well for the future of cryptocurrencies.
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