Bitcoin

Spot

Billion

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Spot Bitcoin exchange-traded funds (ETFs) saw a significant rise in trading volume in March, peaking at $111 billion.</li>
 <li>BlackRock’s Bitcoin ETF, IBIT, and Grayscale’s GBTC continue to dominate the market.</li>
</ul>
<p>In March, spot Bitcoin ETFs experienced a surge in trading volume, hitting $111 billion. This is almost triple the volume recorded in February, with BlackRock’s IBIT and Grayscale’s GBTC ETFs leading the market.</p>
<p>Bloomberg ETF analyst Eric Balchunas shared data indicating that the trading volume of spot Bitcoin ETFs reached $111 billion in March, in contrast to the $42.2 billion recorded in February. The first full month of trading for these Bitcoin investment products was February, following their market launch on January 11. The impressive performance in March indicates a growing interest in spot Bitcoin ETFs.</p>
<h2 id="blackrock-s-ibit-dominates-the-market">BlackRock’s IBIT Dominates the Market</h2>
<p>BlackRock’s Bitcoin ETF, IBIT, continues to lead the trading volume, with Grayscale’s GBTC and Fidelity’s FBTC following closely. Balchunas acknowledged this in a subsequent post, sharing a chart by fellow analyst James Seyffart showing IBIT’s increasing dominance as it surpasses GBTC in market share.</p>
<p>On April 1, the combined spot Bitcoin ETFs recorded net outflows totaling $86 million, according to data from Farside Investors. Despite BlackRock’s dominant IBIT ETF inflows of $165.9 million, they were overshadowed by Grayscale’s outflows of $302.6 million.</p>
<p>Fidelity’s FBTC recorded the second highest inflows of $44 million on April 1, while ARK Invest 21Shares ETF ARKB experienced its first outflows of $300,000 since trading commenced on January 11. BlackRock and Fidelity’s spot Bitcoin ETFs achieved about $18 billion and $10 billion, respectively, in assets under management last month and have been the most successful in terms of inflows.</p>
<h2 id="grayscale-s-gbtc-surpasses-15-billion-in-total-outflows">Grayscale’s GBTC Surpasses $15 Billion in Total Outflows</h2>
<p>Meanwhile, Grayscale’s GBTC has exceeded $15 billion in total outflows after the over $300 million outflows recorded on April 1. GBTC’s assets under management have now fallen by 46% to $22 million, according to data from Coinglass.</p>
<p>Spot Bitcoin ETFs have significantly transformed the Bitcoin markets, triggering a climb to new all-time highs in March. Market participants are anticipating a different cycle combining the success of the ETFs and the forthcoming Bitcoin supply halving, which is now less than 20 days away.</p>

Bitcoin ETF Trading Surges: $111 Billion in March, a Triple Increase

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