US Spot Bitcoin ETFs have more than $50B in accumulated trading volume

The spot bitcoin exchange-traded fund (ETF) has surpassed an impressive $50 billion in aggregate trading volume since its US trading debut on January 11.

It shows a growth of 76.68% from the sum of 28.3 billion registered at the beginning of the month. According to data from BitMEX Research, the peak hit was reached on Thursday, February 22.

$50B Cumulative Vote From Spots BTC ETFs

Notably, on Thursday, spot Bitcoin ETFs saw a cumulative volume of $1.2 billion. Among its products, BlackRock's iShares Bitcoin Trust (IBIT) leads with $457.2 million. The next IBIT is Greyscale's Bitcoin Trust (GBTC) at $348.8 million, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) at $255.7 million.

Notably, the $50 billion cumulative trading volume rose to a multi-week record trading volume of more than $2.5 billion on Tuesday.

Moreover, the volume highlights the growing confidence of investors in Bitcoin ETFs. This increase is indicative of the increasing acceptance and recognition of Bitcoin as a legal asset class.

Back to earnings

Meanwhile, the success comes as financial products return to earnings after Wednesday's net inflow of $35.7 million.

In terms of revenue, FBTC leads with revenue of $158 million followed by IBIT with $125 million. This revenue takes FBTC and IBIT to $4.05 billion and $5.74 billion of historical net inflows, respectively.

Other ETFs that posted gains included Bitwise Bitcoin ETF (BITB) at $7.90 million, ARK 21Shares Bitcoin ETF (ARKB) at $6.7 million, WisdomTree Bitcoin Fund (BTCW) at $4.40 million, VanEck Bitcoin Trust (HODL) at $2.93 million, and Valkyrie. Bitcoin Fund (BRRR) at $1.17 million.

While the aforementioned recorded inflow was on Thursday, GBTC, in contrast, saw net inflows. According to the data, the export value of the product was 55.67 million dollars.

GBTC has been known to record conservative outflows since trading began in early January. Analysts attribute this to the ETF's higher management fees than its competitors. While all products charge from 0.2% to 0.9%, Grayscale charges 1.5%.