The spot Bitcoin ETF surpassing $100 billion comes after exceptional results on Monday, when daily trading volume for the product reached nearly $10 billion. Cumulative trading volume for spot Bitcoin ETFs last week reached a record total of $22.3 billion, according to The Block’s data dashboard.
Overall, the three most popular products in terms of volume are those issued by BlackRock, Fidelity, and Grayscale. On Tuesday, BlackRock’s funds set a new record for daily inflows of $788.3 million.
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What many are calling the nine “new” spot Bitcoin ETFs excludes Grayscale’s GBTC fund, a conversion of its flagship fund that was already managing tens of billions of dollars when it began trading alongside other funds in January. Grayscale’s funds, which have higher fees than their major competitors, have poured billions of dollars into the fund since launch, contributing a large portion to overall trading volume.
Although algorithmic trading may drive a portion of total registered trading volume, Eric Balchunas, senior ETF analyst at Bloomberg, said last week that organic demand was a key driver. He also said that spot Bitcoin ETFs may not be able to maintain current trading volume levels, but over time, higher trading volumes tend to result in higher asset flows.
Total assets under management also increased as the ETF continued its pace of breaking daily and weekly trading volume records. Grayscale’s funds have lost billions of dollars in assets under management, but still lead all other funds with more than $27 billion in net assets.
But products from BlackRock and Fidelity are gaining ground. BlackRock’s IBIT fund is currently closest to catching up with Grayscale, with more than $12 billion under management. Fidelity’s FBTC product has also performed strongly, generating more than $6 billion to date.
Other recently launched spot Bitcoin ETFs include those offered by Bitwise, Ark 21Shares, Invesco, VanEck, Valkyrie, Franklin Templeton, and WisdomTree.
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