Spot Bitcoin exchange-traded funds (ETFs) have made a significant impact by surpassing an impressive $50 billion in total trading volume since their introduction to the United States market on January 11. This achievement, reached on Thursday, February 22, demonstrates a remarkable 76.68% increase from the initial cumulative volume of 28.3 billion noted earlier in the month, as per data shared by BitMEX Research.
Milestone Achievement of $50 Billion Cumulative Trading Volume
On a specific Thursday, spot Bitcoin ETFs collectively generated a trading volume totaling $1.2 billion. Leading the pack is BlackRock’s iShares Bitcoin Trust (IBIT) with $457.2 million, followed closely by Grayscale’s Bitcoin Trust (GBTC) at $348.8 million, and Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $255.7 million. Noteworthy is the noteworthy boost to the $50 billion cumulative volume, largely driven by a multi-week record high trading volume that exceeded $2.5 billion on a recent Tuesday.
This remarkable surge in trading volume not only reflects the growing trust of investors in spot Bitcoin ETFs but also signifies the increasing acceptance and acknowledgment of Bitcoin as a legitimate asset class in the mainstream financial arena.
Resurgence in Inflows
Interestingly, this accomplishment coincides with a return to net inflows for these financial products after experiencing net outflows amounting to $35.7 million on the previous day. Among the inflows, FBTC leads with $158 million, closely followed by IBIT at $125 million. Cumulatively, FBTC and IBIT have now witnessed historical net inflows of $4.05 billion and $5.74 billion, respectively.
Furthermore, various other ETFs witnessed inflows, including Bitwise Bitcoin ETF (BITB) with $7.90 million, ARK 21Shares Bitcoin ETF (ARKB) with $6.7 million, WisdomTree Bitcoin Fund (BTCW) with $4.40 million, VanEck Bitcoin Trust (HODL) with $2.93 million, and Valkyrie Bitcoin Fund (BRRR) with $1.17 million. In contrast, GBTC experienced net outflows of $55.67 million, primarily attributed to its relatively higher management fees of 1.5% compared to competitors charging fees ranging from 0.2% to 0.9%.
This latest development showcases the ever-evolving landscape of spot Bitcoin ETFs, highlighting a trend towards increased investment and confidence in this emerging digital asset class.
