March was a record month for volume in nascent bitcoin spot ETFs.
In March, trading volume for spot Bitcoin ETFs jumped to $111 million, almost triple February’s total of $42.2 billion, according to Yahoo Finance compiled on The Block Data Dashboard. February marked the first full month of trading since the products launched on January 11, and the significant increase in March highlights the growing interest in these new crypto-based financial instruments.
Eric Balchunas, senior ETF analyst at Bloomberg taken at to highlight how big last month was in terms of total trading volume. “Bitcoin ETFs traded $111 billion in March, about triple what they did in February and January,” he said. “I can’t imagine April being bigger, but who knows.”
BlackRock, Fidelity and Grayscale dominate
The three spot ETFs issued by Grayscale, BlackRock and Fidelity continue to dominate trading volume. However, after Monday’s session, Grayscale’s GBTC fund surpassed $15 billion in total outflows since trading began in January. In terms of Bitcoin, GBTC, a decade-old trust that Grayscale converted to a spot Bitcoin ETF two months ago, fell 46% from around 619,000 BTC to 333,619 BTC ($22 billion ) since it began trading as an ETF, by CoinGlass.
In dollar terms, last month, BlackRock and Fidelity’s spot bitcoin ETFs reached about $18 billion and $10 billion in assets under management, respectively, according to CoinShares Data. In terms of collection, products issued by BlackRock and Fidelity have been the most successful.
During yesterday’s session, spot bilcoin ETFs returned to net outflows after seeing net inflows every trading day last week. Monday’s net outflows totaled $85.7 million after the Grayscale fund lost $302.6 million, according to CoinGlass. data.
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