Bitcoin ETF

Bitcoin

Spot

In less than<a href="https://thecoinrise.com/us-sec-grants-official-approval-for-a-spot-bitcoin-etf/" rel="noopener noreferrer nofollow"> three months after the Securities and Exchange Commission (SEC) approved spot Bitcoin ETF</a> from major players such as BlackRock, Fidelity, Bitwise, and others, the cumulative trading volume for U.S. spot Bitcoin exchange-traded funds (ETFs) has surpassed the $200 billion mark.
As seen on<a href="https://www.theblock.co/data/crypto-markets/bitcoin-etf/cumulative-spot-bitcoin-etf-volumes" rel="noopener noreferrer nofollow"> data from The Block’s dashboard</a>, spot Bitcoin ETFs cumulative trading surged to $201.68 billion at the close of Tuesday’s trading. This figure represents nearly a twofold increase in the past month alone. The data reveals a growing investor interest and participation in Bitcoin-related investment products.
<h2 id="b-leadership-dynamics-in-spot-bitcoin-etf-trading-b">Leadership Dynamics in Spot Bitcoin ETF Trading</h2>
BlackRock’s IBIT emerged as the leader in trading volume, generating $1.4 billion in trading. This is despite witnessing a slight dip in trading volume on Tuesday to $2.9 billion from a peak of $9.9 billion it achieved on March 5.&nbsp; Grayscale’s GBTC and Fidelity’s FBTC followed closely behind, with $677 million and $488 million in trading volume, respectively.
Interestingly, Grayscale’s GBTC, known for its higher fees, has seen its market share gradually decline from 50.5% to 23.5% since the launch of spot Bitcoin ETFs on January 11. BlackRock’s IBIT on the other hand has experienced significant growth. As at yesterday’s figures, it has captured a market share of 48.1%. Meanwhile, due to the recent surge in Bitcoin’s value, there has been a clear uptick in interest from<a href="https://thecoinrise.com/bitcoin-price-jump-spikes-interest-among-venture-capitalists/" rel="noopener noreferrer nofollow"> crypto venture capitalists</a>.
<h2 id="b-bitcoin-market-trends-and-fluctuations-b">Bitcoin Market Trends and Fluctuations</h2>
According to<a href="https://twitter.com/BitMEXResearch/status/1777974600342671748" rel="noopener noreferrer nofollow"> BitMEX Research report</a>, despite the overall success of spot Bitcoin ETFs, Tuesday witnessed net outflows of $18.6 million. This followed huge outflows of $223.8 million on Monday. The largest outflow was in Grayscale’s GBTC at $154.9 million, while BlackRock’s IBIT led in inflows with $128.7 million.
An analysis of the slowing of overall flows for spot Bitcoin ETF shows it coincides with Bitcoin’s recent price fluctuations. The cryptocurrency slid 5% from its peak of $71,761 to a low of $68,200. However, Bitcoin remains resilient as it continues to trade at $69,015, reflecting a year-to-date increase of over 63%.
<h2 id="b-bullish-run-ahead-b">Bullish Run Ahead?</h2>
Expressing hopes of a bullish run ahead, a pseudonymous analyst known as TechDev has suggested that<a href="https://thecoinrise.com/bitcoin-could-double-to-140k-in-3-months-analyst/" rel="noopener noreferrer nofollow"> Bitcoin price could double</a> from its current value of $69,000 within the next three months to as high as $140,000 by July.
The post <a href="https://thecoinrise.com/spot-bitcoin-etf-trading-surpasses-historic-200b-milestone/" rel="noopener noreferrer nofollow">Bitcoin ETF Trading surpasses Historic $200B Milestone</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitcoin ETF Trading surpasses Historic $200B Milestone

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