A troubling sign? 6-month trading volume low for US Bitcoin ETFs

The US spot Bitcoin exchange traded fund (ETF) market recorded a trading volume of $779.87 million on Monday.

According to analytics from Soso Value, this drop in daily trading volume was the third lowest after the February 5 and 6 records, which were $649.17 million and $692.11 million, respectively.

Low Bitcoin ETF trading volume

Yesterday's record showed an inflow of $61.98 million into spot Bitcoin ETFs, the highest since August 8. Even so, daily trading volume is down more than $1 billion from normal.

Last week, the financial product traded between $1.18 billion and $1.79 billion. Interestingly, earlier this month the Bitcoin ETF saw a record daily trading volume of over $5 billion. The biggest drop in price came when it came to the previous cryptocurrency.

Highlighting the potential trigger for the drop in Bitcoin ETF trading volume in the US, SOFA.org's Head of Insights Augustine Fan said:

Low trading volume is expected as market sentiment remains low after the heavy sell-off of a few weeks ago. It's also worth noting that the summer holidays and the easing of concerns over recent data have led investors to expect more signals at the Fed's Jackson Hole meeting later this week.

BlackRock's IBIT leads to more than $450 million.

BlackRock's IBIT led the daily trading volume metrics at $450.53 million. Monday's gross was $92.68 million, the highest among the same productions that were executed. Fidelity's FBTC daily trading volume was $134.51 million and it trailed BlackRock with $3.87 million in revenue.

Both were the only Bitcoin ETFs to see earnings records. Their leadership position is partially tied to several well-known industry leaders opening their doors for their clients to invest in IBIT or FBTC. Others have expanded their tentacles into Bitcoin ETFs elsewhere.

Meanwhile, Bitwise's BITB saw $25.7 million in withdrawals, surpassing yesterday's record. Invesco's BTCO recorded a cost of $8.84 million.