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.

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.