According to information shared by Bloomberg analyst James Seyffart, the cumulative trading volume of Bitcoin spot ETF in the past three trading days has reached nearly $10 billion, with the largest trading volume being Grayscale’s GBTC ($5.17 billion), followed by BlackRock’s IBIT ($1.99 billion), and Fidelity’s FBTC ($1.47 billion).
Analyst Eric Balchunas believes that the trading volume of billions of dollars is quite astonishing. In 2023, a total of 500 new ETFs were launched, with a total trading volume of only $450 million, and half of the trading volume was less than $1 million.
In terms of fund flows, GBTC is the only Bitcoin ETF that has seen net outflows due to its high management fees, with approximately $579 million being withdrawn in the past three days, while still holding $25.5 billion in assets under management. On the other hand, BlackRock’s IBIT and Fidelity’s FBTC have both seen net inflows of over $400 million. Overall, the Bitcoin spot ETF market has seen a net inflow of approximately $810 million in the past three trading days.
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