March Sees Spot Bitcoin ETF Trading Volume to $111 Billion

March Sees Spot Bitcoin ETF Trading Volume Surge to $111 Billion

In March, trading volume for spot Bitcoin exchange-traded funds surged to $111 billion, nearly tripling the volume from February, with Grayscale and BlackRock ETFs leading the market. As per Bloomberg ETF analyst Eric Balchunas, March saw spot Bitcoin ETF trading reach $111 billion, a significant increase from February’s $42.2 billion.

BlackRock’s Bitcoin ETF, IBIT, maintains its lead in trading volume, with Grayscale’s GBTC and Fidelity’s FBTC following closely behind.

Balchunas recognised this in another post on X, where he shared a chart created by fellow analyst James Seyffart illustrating IBIT’s increasing dominance as it overtakes 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.”

Data from Farside Investors on April 1 revealed that cumulative net outflows for spot Bitcoin ETFs amounted to $86 million. While BlackRock’s prominent IBIT ETF experienced inflows of $165.9 million, they were overshadowed by Grayscale’s outflows of $302.6 million.

April Data Shows Mixed Net Flows for Spot Bitcoin ETFs

Data from Farside Investors on April 1 revealed that cumulative net outflows for spot Bitcoin ETFs amounted to $86 million. While BlackRock’s prominent IBIT ETF experienced inflows of $165.9 million, they were overshadowed by Grayscale’s outflows of $302.6 million.

On April 1, Fidelity’s FBTC saw the second-highest inflows at $44 million, while ARK Invest’s 21Shares ETF ARKB experienced its initial outflows of $300,000 since commencing trading on January 11.

In terms of assets under management, BlackRock and Fidelity’s spot Bitcoin ETFs reached approximately $18 billion and $10 billion, respectively, last month, showcasing notable success in attracting inflows.

Conversely, Grayscale’s GBTC has exceeded $15 billion in total outflows following the over $300 million outflows recorded on April 1. According to data from Coinglass, GBTC’s assets under management have declined by 46% to $22 billion.

Conclusion

The recent surge in trading volume for spot Bitcoin ETFs to $111 billion in March highlights the growing interest and confidence in the cryptocurrency market. With major players like BlackRock and Grayscale leading the market, investors are closely watching these trends to make informed decisions. Despite mixed net flows in April, the overall outlook remains positive, showcasing the resilience and potential of Bitcoin ETFs.

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