Trading volume of 10 BTC ETFs was three times the daily volume of all 500 ETFs launched in 2023
Most of the trades came from Grayscale, BlackRock, and Fidelity products
17.01.2024 - 09:33
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What’s new? On January 16, the trading volume in shares of 10 spot bitcoin exchange-traded funds (ETFs) totaled $1,8 billion, of which $1,6 billion came from Grayscale, BlackRock, and Fidelity products. That is more than triple the daily total of the 500 ETFs launched in 2023. They totaled $450 million, with the best of them earning $45 million, according to Bloomberg senior analyst Eric Balchunas.
What else is known? BlackRock’s iShares Bitcoin Trust (IBIT) was the leader in net inflows, with investors contributing $497 million over three days. While Grayscale’s ETF still leads in total trading volume, more than $5,1 billion, it has seen significant outflows.
More than $579 million has been withdrawn from Grayscale Bitcoin Trust (GBTC) since it began trading on January 11. Balchunas added that the BlackRock product will continue to attract more inflows, making it “most likely to overtake GBTC as liquidity king.”
The total trading volume of ten spot bitcoin ETFs exceeded $4,5 billion on the first day of launch in the United States. Half of this amount came from GBTC. Over the past three days, Balchunas said, the cumulative trading volume for the 10 funds totaled $10 billion.
In the first week of BTC ETF launch, the total inflow of funds into various cryptocurrency derivatives amounted to $1,18 billion with a trading volume of $17,5 billion.
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