According to a report from The Block, BlackRock’s IBIT has surpassed Grayscale’s GBTC in trading volume for the first time on Thursday, following GBTC’s dominance in the Bitcoin spot ETF trading volume for 14 consecutive trading days. Data from The Block shows that IBIT had a daily trading volume of $303.97 million on Thursday, while GBTC had $292.37 million, and Fidelity’s FBTC came in third with $171.84 million. The trading volume of other new Bitcoin spot ETFs was all below $100 million.
According to Bloomberg ETF analyst James Seyffart on X platform, BlackRock’s IBIT is the first ETF to have a daily trading volume that surpasses Grayscale’s GBTC. However, the total trading volume was low yesterday, only $924 million, marking the first time the total dollar trading volume since the launch of spot ETFs has fallen below $1 billion. As of Thursday, the cumulative trading volume of US Bitcoin spot ETFs has reached nearly $30 billion.
In terms of fund flows, according to data from BitMEX Research, BlackRock’s IBIT had the highest inflow on Thursday, increasing by $163.9 million, while FBTC ranked second with a net inflow of $35.8 million. GBTC recorded a net outflow of $182 million, the lowest since January 11.
The total net inflow for Bitcoin spot ETFs yesterday was $38.5 million, marking the fifth consecutive day of net inflows. After 15 days of trading, the total net inflow amount is approximately $1.4 billion.
GBTC is a conversion of the Bitcoin Trust fund previously launched by Grayscale, rather than a new Bitcoin spot ETF like others. According to data from BitMEX Research, the higher-cost GBTC has seen outflows of over $5.8 billion since the 11th, while the total inflow of the other 9 ETFs is $7.2 billion.
As the outflow of funds from GBTC continues to slow down, its market share is also declining. As of Thursday’s data, GBTC’s market share has further dropped to 31.4%, IBIT is at 32.6%, and FBTC is at 18.4%.
