March was the month with the highest trading volume for early spot Bitcoin ETFs.
Spot Bitcoin ETF trading volume surged to $111 million in March, nearly triple the $42.2 billion total in February, according to Yahoo Finance, compiled by The Block Data Dashboard. reached. February was the first month with transactions since the product launched on January 11, and the significant increase in March highlights the growing interest in these new cryptocurrency-based financial products.
Bloomberg Senior ETF Analyst Eric Balchunas went to Just to point out how important the last month was in terms of total trading volume. “Bitcoin ETFs traded $111 billion in March, which is only about three times the volume in February and January,” he said. “I can’t imagine April will get any bigger, but who knows.”
BlackRock, Fidelity, and Grayscale dominate.
Three spot ETFs issued by Grayscale, BlackRock, and Fidelity continue to dominate trading volume. But after Monday’s trading, Grayscale’s GBTC fund has seen total outflows exceed $15 billion since trading began in January. On the Bitcoin side, GBTC, a 10-year-old trust that Grayscale converted into a spot Bitcoin ETF two months ago, has fallen 46% from about 619,000 BTC to 333,619 BTC ($22 billion) since it began trading as an ETF, according to CoinGlass. I did.
In dollar terms, BlackRock and Fidelity’s spot Bitcoin ETFs had about $18 billion and $10 billion in assets under management, respectively, last month. CoinShares data. In terms of inflows, products issued by BlackRock and Fidelity were the most successful.
Spot b in trading yesterdayItcoin The ETF recorded net inflows every trading day last week, turning into a net outflow. Net outflows on Monday were $85.7 million after the Grayscale fund lost $302.6 million, according to CoinGlass data.
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