Bitcoin

Impact

when

Billion

<h2 id="key-points">Key Points</h2>
<ul>
 <li>US spot Bitcoin ETFs have exceeded $150 billion in cumulative trading volume.</li>
 <li>The market has seen significant outflows as Bitcoin’s price drops.</li>
</ul>
<p>The trading volume for US spot Bitcoin exchange-traded funds (ETFs) has surpassed $150 billion. This milestone comes less than 10 weeks after the approval of ETFs from several major financial institutions, including BlackRock, Fidelity, and Bitwise.</p>
<p>Since March 8, the cumulative trading volume for spot Bitcoin ETFs has grown by $50 billion, reaching $151.4 billion at the close of trading. The trading volume for Tuesday was $5.6 billion, with BlackRock’s IBIT leading the way with $2.5 billion.</p>
<h2 id="market-share-and-outflows">Market Share and Outflows</h2>
<p>Grayscale’s GBTC fund has gradually lost market share, falling from 50.5% at the launch of the spot Bitcoin ETFs on January 11 to 26.5%. Meanwhile, BlackRock’s IBIT has grown its market share from 22.1% to 45.2%. Fidelity’s FBTC holds a 17.2% share of the market.</p>
<p>A record net outflow of $326.2 million was registered by US spot Bitcoin ETFs combined yesterday, more than double the previous record set on January 24. Grayscale’s GBTC saw significant outflows of $443.5 million on Tuesday, following record outflows of $642.5 million on Monday.</p>
<h2 id="impact-on-bitcoin-price">Impact on Bitcoin Price</h2>
<p>The flows of spot Bitcoin ETFs have been a significant factor in Bitcoin’s price movement since their launch. Despite recent outflows and a 10% drop in Bitcoin’s price, the cryptocurrency recovered and is currently trading at $63,170, up over 50% year-to-date.</p>
<p>The change in flows is attributed to the type of investors, with evidence suggesting that few wealth managers are investing in the ETFs. The average trade size for IBIT of $13,000 indicates that retail investors were behind the inflows, which can more easily halt when prices stop climbing.</p>
<p>Despite the recent outflows and market volatility, long-term expectations for inflows to outperform remain.</p>

Bitcoin ETFs in US Exceed $150 Billion in Total Trade Volume

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