Spot Bitcoin ETF trading volume tripled in March to $111 billion

    2024.04.03 | exchangesranking | 135onlookers

    Spot Bitcoin exchange-traded funds witnessed a spike 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, spot Bitcoin ETF trading volume hit $111 billion in March, compared to $42.2 billion recorded in February.

    Source: Eric Blachunas

    Note that February marked the first full month of trading as the Bitcoin (BTC) investment products made their market debut on Jan. 11. Therefore, the strong performance in March reinforces a growing interest in spot Bitcoin ETFs.

    BlackRock’s IBIT continues to dominate the ETF market share

    BlackRock’s Bitcoin ETF, IBIT, continues to dominate the trading volume, followed by Grayscale’s GBTC and Fidelity’s FBTC.

    Balchunas acknowledged this in a subsequent post of X, sharing a chart by fellow analyst James Seyffart showing IBIT’s growing dominance as it surpasses GBTC in market share.

    “While all of the ETFs won in terms of being profitable hits, $IBIT won the volume race and is officially the $GLD of Bitcoin.”
    Bitcoin ETF trading volume Market share. Source: Bloomberg Intelligence

    On April 1, the cumulative spot Bitcoin ETFs recorded net outflows totaling $86 million, according to data from Farside Investors. BlackRock’s dominant IBIT ETF inflows of $165.9 million were overshadowed by Grayscale’s $302.6 million in outflows.

    Bitcoin ETF flows table. Source: Farside Investors

    Fidelity’s FBTC recorded the second highest inflows of $44 million on April 1, while ARK Invest 21Shares ETF ARKB saw its first outflows of $300,000 since trading began on Jan. 11.

    BlackRock and Fidelity’s spot Bitcoin ETFs reached about $18 billion and $10 billion, respectively, in assets under management last month and have been the most successful in terms of inflows.

    On the other hand, Grayscale’s GBTC has surpassed $15 billion in total outflows after the over $300 million outflows recorded on April 1. GBTC’s assets under management have now dropped by 46% to $22 million, according to data from Coinglass.

    Spot Bitcoin ETFs have completely altered the BTC markets, fueling a run to new all-time highs in March. Market participants expect a different cycle combining the success of the ETFs 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 trading move involves risk, and readers should conduct their own research when making a decision.

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