Spot Bitcoin exchange-traded funds (ETF) have surpassed a staggering $50 billion cumulative trading volume since trading started in the United States on January 11.
The milestone, achieved on Thursday, February 22, marks a 76.68% surge from the 28.3 billion cumulative volume recorded at the beginning of the month, according to data from BitMEX Research.
Specifically, on Thursday, spot Bitcoin ETFs saw a cumulative volume worth $1.2 billion. Amongst the products, BlackRock’s iShares Bitcoin Trust (IBIT) leads with $457.2 million. Trailing IBIT is Grayscale’s Bitcoin Trust (GBTC) with $348.8 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $255.7 million.
Notably, the $50 billion cumulative trading volume was boosted by a multi-week record trading volume of more than $2.5 billion on Tuesday.
Moreover, the volume underscores investors’ growing confidence in spot Bitcoin ETFs. This surge is also a testament to the increasing mainstream adoption and recognition of Bitcoin as a legitimate asset class.
Meanwhile, the achievement comes amidst the financial products’ return to inflow after recording net outflows of $35.7 million on Wednesday.
Regarding inflows, FBTC leads the pack with $158 million inflows, followed by IBIT at $125 million. This inflow takes FBTC and IBIT to a total historical net inflow of $4.05 billion and $5.74 billion, respectively.
Other ETFs that also recorded inflows include Bitwise Bitcoin ETF (BITB) at $7.90 million, ARK 21Shares Bitcoin ETF (ARKB) at $6.7 million, WisdomTree Bitcoin Fund (BTCW) at $4.40 million, VanEck Bitcoin Trust (HODL) at $2.93 million, and Valkyrie Bitcoin Fund (BRRR) at $1.17 million.
While the aforementioned recorded inflows on Thursday, GBTC, in contrast, saw net outflows. Data shows that the product recorded outflows worth $55.67 million.
GBTC has been known to record conservative outflows since its trading started earlier in January. Analysts attribute this to the ETF’s higher management fees than its competitors. While all products charge fees from 0.2% to 0.9%, Grayscale charges 1.5%.
The post US Spot Bitcoin ETFs Surpass $50B Cumulative Trading Volume appeared first on CryptoPotato.
Asheesh Birla, the CEO of Evernorth Holdings Inc., revealed why the Nasdaq-listed digital asset treasury…
The RWA market is evolving rapidly, according to a new report shared today by institutional…
Ripple-linked XRP may be one of the biggest names in the cryptoverse today, but its…
The debate over whether Bitcoin’s hashing algorithm can be hacked continues to evolve. This time,…
The Cardano Foundation has urged the European Commission not to broaden the Markets in Crypto-Assets…
Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that…