Spot Bitcoin ETF trading volume tripled in March to $111 billion

cyptouser4 months agoCryptocurrencies News71

Spot Bitcoin exchange-traded funds witnessed a spike in trading volume in March, reaching $111 billion. This was nearly three times the trading volume recorded in February, as Grayscale and BlackRock ETFs dominated the market.

According to data shared by Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETF trading volume hit $111 billion in March, compared to $42.2 billion recorded in February.

Source: Eric Blachunas

Note that February marked the first full month of trading as the Bitcoin (BTC) investment products made their market debut on Jan. 11. Therefore, the strong performance in March reinforces a growing interest in spot Bitcoin ETFs.

BlackRock’s IBIT continues to dominate the ETF market share

BlackRock’s Bitcoin ETF, IBIT, continues to dominate the trading volume, followed by Grayscale’s GBTC and Fidelity’s FBTC.

Balchunas acknowledged this in a subsequent post of X, sharing a chart by fellow analyst James Seyffart showing IBIT’s growing dominance as it surpasses GBTC in 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.”
Bitcoin ETF trading volume Market share. Source: Bloomberg Intelligence

On April 1, the cumulative spot Bitcoin ETFs recorded net outflows totaling $86 million, according to data from Farside Investors. BlackRock’s dominant IBIT ETF inflows of $165.9 million were overshadowed by Grayscale’s $302.6 million in outflows.

Bitcoin ETF flows table. Source: Farside Investors

Fidelity’s FBTC recorded the second highest inflows of $44 million on April 1, while ARK Invest 21Shares ETF ARKB saw its first outflows of $300,000 since trading began on Jan. 11.

BlackRock and Fidelity’s spot Bitcoin ETFs reached about $18 billion and $10 billion, respectively, in assets under management last month and have been the most successful in terms of inflows.

On the other hand, Grayscale’s GBTC has surpassed $15 billion in total outflows after the over $300 million outflows recorded on April 1. GBTC’s assets under management have now dropped by 46% to $22 million, according to data from Coinglass.

Spot Bitcoin ETFs have completely altered the BTC markets, fueling a run to new all-time highs in March. Market participants expect a different cycle combining the success of the ETFs and the upcoming Bitcoin supply halving, which is now less than 20 days away.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Singularity attracts $2.2 million to develop KYC-compliant DeFi platform for institutions

Singularity Network, a protocol catering to institutional investors seeking confidential access to D...

Halving full effect: Bitfarms crypto mining revenue falls 42% in May

Halving full effect: Bitfarms crypto mining revenue falls 42% in May

55966e89˃Bitfarms’ crypto mining revenue fell 42% in May — the first full month since the Bitcoin ha...

3 things that can spoil a potentially bullish July for Bitcoin

3 things that can spoil a potentially bullish July for Bitcoin

55966e89˃Bitcoin (BTC) teeters on the edge of closing June with a monthly loss and clinging to the c...

Circle CEO addresses USDC liquidity concerns, welcomes PayPal move into stablecoins

Jeremy Allaire, Circle CEO, confirmed that USD Coin (USDC) saw more redemptions than issuance over t...

Is Bitcoin's on-chain bull run momentum over? Indicator flashes red

Is Bitcoin's on-chain bull run momentum over? Indicator flashes red

1205f261˃Bitcoin (BTC) OGs appear to be gearing up to cash in on their gains ahead of the Bitcoin ha...

OpenAI semiconductor chip plans entice UAE investors: Report

25cc9d4a˃OpenAI’s intentions to produce its own semiconductor chips for powering high-level artifici...