Spot Bitcoin ETF Trading Volume Tops $4.5 Billion
Yesterday, BlackRock, Fidelity, and Grayscale led the spot Bitcoin ETF trading volume, with a total of more than $4.5 billion.
The iShares Bitcoin Trust (IBIT), BlackRockโs spot Bitcoin ETF, handled over $1 billion, equivalent to 22% of the total volume. Fidelityโs spot BTC ETF recorded about $685 million.
Investors Shift Funds from Grayscale to Cheaper Alternatives
The Grayscale Bitcoin Trust (GBTC) recorded $2.2 billion in trading volume, but analysts say itโs not the best performer for new spot Bitcoin ETF investments as most of the trade volume was likely selling volume.
Investors seem to be moving their capital into newer spot BTC ETFs with lower fees, such as BlackRockโs and Fidelityโs respective ETFs, according to senior Bloomberg ETF analyst, Eric Balchunas.
Hashdex Misses Out on Spot Bitcoin ETF Activity
Not all spot Bitcoin ETF applications were approved for trading, with Hashdex missing out, leaving its โDEFIโ fund still trading as a futures-based ETF.
Hot Take: BlackRock, Fidelity, and Grayscale Dominate the First Day of Spot Bitcoin ETF Trading
BlackRock, Fidelity, and Grayscale dominated the spot Bitcoin ETF market during the first day of trading, indicating a strong interest in these investment products. It is evident that investors are shifting their focus to more cost-effective alternatives, and Hashdex missed out on the latest trading activity, signaling that the market favors approved products from established financial platforms.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
