After leading for several days in a row, the BlackRock and Fidelity Spot Bitcoin ETF is on track to outperform Grayscale’s fund in terms of daily trading volume for the first time since the product began trading more than two weeks ago.
Grayscale’s fund, which is a convertible rather than a new product, started out with more than $25 billion in assets under management and has shed billions more. In terms of total trading volume (buying and selling), BlackRock and Fidelity’s new spot Bitcoin ETFs are in second and third place, behind Grayscale.
As of 1:15 PM ET on Tuesday, BlackRock and Fidelity’s trading volume reached $250 million and $207 million, respectively, according to Yahoo Finance data compiled by The Block. Grayscale was in third place with $202 million about halfway through the day.
Since trading began this month, three issuers have dominated total trading volume, at times accounting for around 90% of all buying and selling activity. Invesco and other spot Bitcoin ETFs offered by Galaxy, Franklin Templeton, and Ark Invest are far behind in the top three.
To date, Grayscale’s ETFs have lost more than $5 billion in assets under management. According to Bloomberg Intelligence ETF analyst James Seyffart. Both BlackRock and Fidelity’s products generated net revenue of more than $2 billion.
Total spot Bitcoin ETF trading volume is close to $27 billion.
In an effort to gain a competitive edge, Invesco and Galaxy Asset Management announced in a filing Monday that the companies plan to cut fund fees from 0.39% to 0.25%. This would put it on par with most of its competitors.
According to Seyffart’s post on Tuesday, the total volume of all active spot Bitcoin ETFs is close to $27 billion. Many market watchers and cryptocurrency enthusiasts have predicted that positive developments in digital assets will bring billions of dollars into new ETFs.
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