Spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in trading volume in March, reaching $111 billion. This notable increase, with trading volume nearly tripling compared to February, highlights continued investor interest in BTC.
Spot Bitcoin ETF trading volume surged to $111 billion in March compared to $42.2 billion in February, according to data provided by Bloomberg ETF analyst Eric Balchunas. March’s surprising performance reinforces the growing appeal of spot Bitcoin ETFs among investors.
BlackRock’s Bitcoin ETF, IBIT, continues to dominate the market share by volume, followed closely by Grayscale’s GBTC and Fidelity’s FBTC. Balchunas highlighted IBIT’s growing dominance over GBTC in market share, likening it to ‘Bitcoin’s GLD’.
Cumulative spot Bitcoin ETFs experienced net outflows totaling $86 million on April 1, while Grayscale’s GBTC saw significant outflows of $302.6 million. Conversely, BlackRock’s IBIT ETF saw inflows of $165.9 million, while Fidelity’s FBTC saw inflows of $44 million.
BlackRock and Fidelity’s spot Bitcoin ETFs have proven to be the most successful in terms of inflows, accumulating about $18 billion and $10 billion respectively in assets under management last month.
However, Grayscale’s GBTC has faced significant outflows, with total outflows exceeding $15 billion after experiencing outflows of more than $300 million on April 1. GBTC’s assets under management plunged 46% to $22 million, according to data from Coinglass.
Spot Bitcoin ETFs have had a significant impact on the BTC market, contributing to a new all-time high in March. Market participants are anticipating the start of a new market cycle due to the ETF’s success and the Bitcoin supply halving in less than 20 days.
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