Spot Bitcoin ETF Trading Volume Surpasses $200 Billion

In the three months following their launch, the cumulative trading volume of spot exchange-traded funds (ETFs) based on the leading cryptocurrency has exceeded $200 billion, according to data from The Block Data.

The figure for March nearly doubled, setting a record at $111 billion for the month.

According to SoSoValue, on April 9, the trading volume of bitcoin ETFs was $2.91 billion, significantly lower than the peak value of $9.9 billion on March 5.

Three exchange-traded funds from Grayscale (GBTC), BlackRock (IBIT), and Fidelity (FBTC) continue to dominate the sector. Recently, the majority of turnover has shifted to IBIT, exceeding $1.4 billion (48%) in the last trading session.

Following IBIT were GBTC and FBTC with $677 million and $488 million, respectively. After the products launched in January, Grayscale initially held the majority of the volume (around 50% of daily trading volume), but this has now decreased by approximately 23%.

On April 8 and 9, the funds recorded net outflows of $223.8 million and $19.48 million.

The majority still pertains to GBTC — in the last session, investors withdrew $154.9 million from the instrument. Inflows into IBIT amounted to $128.7 million.

Inflows into spot bitcoin ETFs have slightly slowed since the peak value of $1.05 billion on March 12.

At the time of writing, the price of digital gold is around $68,000, having decreased by 1.6% over the past day. Its market capitalization stands at $1.33 trillion with a trading volume of $32.6 billion.

CoinShares has suggested that bitcoin ETFs may face a demand shock in the coming months.

Bitwise’s Chief Investment Officer Matt Hougan predicted an increase in the allocation of the leading cryptocurrency to 3% amid the success of exchange-traded funds.