Spot Bitcoin ETFs got off to a brisk second day of trading on Friday, with cumulative volume quickly surpassing $5 billion as the price of the world’s largest cryptocurrency by market capitalization fell below $45,000.
On its first day of trading, spot Bitcoin ETFs generated nearly $4.6 billion in buying and selling. The second day of trading saw $905 million in transactions, according to Yahoo Finance data compiled by The Block.
“By every metric – volume, number of deals, flows, media coverage – it has historically been a huge success,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, posted regarding the first day of trading Friday morning. “And that’s despite limited platform availability.”
Blackrock leads the way
BlackRock’s new spot Bitcoin ETF led all other newly launched cryptocurrency-based products with trading volume of just over $1 billion on Thursday. Balchunas ranked BlackRock’s fund as one of the top 25 first-day performers in ETF history.
Grayscale led funds in this category with $2.3 billion on Thursday, but the institution’s fund is viewed differently as it is a conversion of its flagship GBTC fund. Earlier Friday, Grayscale again took the top spot among all spot Bitcoin ETFs for a second day, with $470 million as of 10:34 a.m. ET.
BlackRock was in second place with $212 million as of early Friday.
However, preliminary reports suggest that another spot Bitcoin fund may have driven significant inflows on Thursday, with Bitwise’s product seeing $238 million in new capital flowing into the fund. bloomberg data.
According to the data, after Bitwise, Fidelity came in second with $227 million in inflows, followed by BlackRock with $111 million. However, this data may change and these numbers may increase.
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