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Cumulative trading volume for U.S. spot Bitcoin exchange-traded funds (ETFs) has exceeded $200 billion, a milestone reached less than three months after the Securities and Exchange Commission approved ETFs from major players like BlackRock, Fidelity, and Bitwise. This remarkable growth is evidenced by the volume nearly doubling in just one month, from crossing the $100 billion mark on March 8 to hitting $201.7 billion by the recent trading close. Notably, Tuesday’s trading volume was $2.9 billion, although down from a peak of $9.9 billion on March 5.
BlackRock’s IBIT has emerged as a dominant player, capturing 48.1% of the market share, followed by Grayscale’s GBTC and Fidelity’s FBTC. However, GBTC has experienced declining market share and significant daily outflows, signaling a shift in investor sentiment towards lower-fee ETF options. Despite recent net outflows as Bitcoin’s price dipped, overall flows for spot Bitcoin ETFs have slowed since reaching a peak inflow of $1.05 billion on March 12, with total net inflows standing at $12.4 billion.
