U.S. Spot Bitcoin ETFs Reach $10B Trading Volume in 3 Days; Grayscale Accounts for Over Half of that Figure
Since their recent launch in the United States, spot Bitcoin ETFs have achieved a cumulative trading volume of nearly $10 billion within just three days.
According to Bloomberg analyst James Seyffart, the standout performer among the spot Bitcoin ETFs is Grayscale’s GBTC, which recorded an impressive three-day trading volume of $5.174 billion.
BlackRock’s IBIT also saw substantial engagement, reaching $1.997 billion in trading volume, while FBTC recorded $1.479 billion during the same period.
Together, these three ETFs accounted for an impressive $9.771 billion in trading volume, indicating strong investor interest in the cryptocurrency market.
Seyffart described the recent ETF launches as a resounding success by most metrics.
He pointed out that Wisdomtree stands out from the rest, currently managing assets of just $3.25 million.
Seyffart emphasized that it is still early days, indicating that the competition in this space offers long-term potential for growth and progress.
“Let me put into context how insane $10b in volume is in first 3 days,” Eric Balchunas, senior ETF analyst at Bloomberg, said.
“There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. IBIT alone is seeing more activity than the entire ’23 Freshman Class.”
Note: half of those 500 new freshman class ETFs did less than a million in volume today.. It is HARD to get volume. Harder than flows even and def harder than assets. Because volume has to form naturally in market place, can't really be faked. And it gives an ETF staying power.
— Eric Balchunas (@EricBalchunas) January 16, 2024
In addition to the existing ETFs, ProShares has submitted applications for five leveraged spot
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