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Spot bitcoin ETF cumulative trading volume crosses $200 billion

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The milestone comes amid continued net outflows for the spot Bitcoin ETFs on Tuesday as bitcoin’s price dropped around 5%.

Cumulative trading volume for U.S. spot Bitcoin exchange-traded funds surpassed $200 billion on Tuesday, less than three months after the Securities and Exchange Commission approved ETFs from BlackRock, Fidelity, Bitwise and others.

Tuesday’s spot Bitcoin ETF trading volume came in at $2.9 billion, significantly down from a peak of $9.9 billion on March 5. BlackRock’s IBIT led yesterday’s volume, generating $1.4 billion in trading, followed by Grayscale’s GBTC and Fidelity’s FBTC on $677 million and $488 million, respectively.Grayscale’s higher-fee GBTC fund has been gradually squeezed for market share by trading volume, down from 50.5% when the spot bitcoin ETFs launched on Jan. 11 to 23.

Grayscale’s GBTC saw $154.9 million in outflows, overpowering leading inflows of $128.7 million from BlackRock’s IBIT. Bitwise’s BITB registered the second-largest inflows on Tuesday, adding $3.8 million, with Fidelity’s FBTC adding $3 million and Hashdex’s DEFI $0.8 million. The remaining ETFs recorded zero flows yesterday.

Yesterday represented the second consecutive day of net outflows for the funds for the first time since March 22 as bitcoin’s price slid 5% from a peak of $71,761 to a low of $68,200.

 

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