Spot Bitcoin ETF trading volume tripled in March to $111 billion
Spot Bitcoin exchange-traded funds saw a surge in trading volume in March, reaching $111 billion. This was nearly three times the trading volume recorded in February, as Grayscale and BlackRock ETFs dominated the market.
According to data shared by Bloomberg ETF analyst Eric Balchunas, the spot Bitcoin ETF's trading volume reached $111 billion in March, compared to $42.2 billion in February.
Note that February is the first month of trading when the Bitcoin (BTC) investment products first worked on the market on January 11. Therefore, the strong performance in March reinforces the growing interest in Bitcoin ETFs.
BlackRock's IBIT continues to dominate ETF market share.
BlackRock's Bitcoin ETF, IBIT, continues to dominate trading volume, followed by Greyscale's GBTC and Fidelity's FBTC.
Balchunas acknowledged this in a subsequent X post, sharing a chart from fellow analyst James Seifert showing IBIT's dominance over GBTC in market share.
“While all ETFs win in terms of profitability, $IBIT wins the volume race and is officially the Bitcoin $GLD.”
On April 1, the cumulative position of Bitcoin ETFs recorded net outflows totaling $86 million, according to data from Farside Investors. BlackRock's flagship IBIT ETF had inflows of $165.9 million, with Grayscale withdrawing $302.6 million.
Fidelity's FBTC posted its second-highest inflow of $44 million on April 1, while ARK Invest 21Shares ETF ARKB saw its first $300,000 outflow since trading on January 11.
BlackRock and Fidelity's spot Bitcoin ETFs reached $18 billion and $10 billion in assets under management last month, respectively, and have been very successful in terms of revenue streams.
On the other hand, Greyscale's GBTC has surpassed $15 billion in total outflows, with more than $300 million in outflows recorded on April 1. GBTC assets are now down 46% to $22 million, according to Coinglass data.
Spot Bitcoin ETFs completely transformed the BTC markets, leading to a new all-time high in March. Market participants expect a different cycle combining the success of AFAs and the upcoming Bitcoin supply halving, which is now less than 20 days away.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
