According to information shared by Bloomberg analyst James Seyffart, the cumulative trading volume of Bitcoin spot ETFs 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 tens of billions of dollars is quite astonishing. In 2023, a total of 500 new ETFs were launched, but the total trading volume of these products was only $450 million, with half of the trading volume being less than $1 million.
In terms of fund flows, GBTC, due to its high management fees, is the only Bitcoin ETF that has experienced net outflows. In the past three days, approximately $579 million has flowed out, while it still holds $25.5 billion in assets under management. On the other hand, BlackRock’s IBIT and Fidelity’s FBTC have both experienced net inflows exceeding $400 million. Overall, the Bitcoin spot ETF market has seen a net inflow of approximately $810 million in the past three trading days.
