Weekly net inflows and trading volume for U.S. Bitcoin spot exchange-traded funds hit record highs last week, as Bitcoin hit new all-time highs before pulling back sharply.
According to data from BitMEX Search And Distant investors.
BlackRock’s IBIT continued to dominate, generating $2.48 billion in inflows. Fidelity’s FBTC came in second with $717.9 million and VanEck’s HODL third with $247.8 million. However, Grayscale’s converted GBTC fund saw outflows of $1.25 billion, while Invesco’s BTCO also contributed $29.4 million in outflows.
Total net inflows since Bitcoin ETF spot trading began on January 11 now stand at just over $12 billion.
“Net inflows yesterday as baby boomers bought into a nasty 8% overnight sell-off as if no one had completed a week that saw net inflows of $2.5 billion and $35 billion dollars in volume (both records)”, Eric Balchunas, analyst at Bloomberg ETF. said SATURDAY.
Spot Bitcoin ETFs See Largest Weekly Trading Volume
Weekly trading volume for the combined U.S. Bitcoin spot ETFs also hit a record $35.1 billion last week, amid volatile Bitcoin prices. Last week’s trading volume for ETFs was 15% higher than the $2.24 billion recorded the week before.
BlackRock’s IBIT ETF dominated again, generating $16.17 billion in trading volume for the week. Grayscale’s GBTC and Fidelity’s FBTC generated $8.24 billion and $6.5 billion in trading volume, respectively, according to The Block’s data dashboard.
BlackRock’s bitcoin spot ETF is now approaching 50% market share in terms of trading volume, currently at 47%. Meanwhile, Grayscale’s higher-fee GBTC fund fell from a 50.5% market share on Jan. 11 to 23.1% on Friday.
The cumulative trading volume for all spot Bitcoin ETFs now stands at $141.7 billion.
Bitcoin price retreats from new all-time highs
Bitcoin’s price hit a new all-time high of $73,836 on Thursday before a sharp sell-off sent the largest cryptocurrency by market cap tumbling more than 12% to a low of $64,505 on Sunday. Bitcoin BTC
+2.56%
has since recovered slightly, trading at $67,718, according to The Block’s pricing page.
BTC/USD price chart. Image: Le bloc/TradingView.
The decline was also seen across the broader crypto market, with the GM30 index – representing the top 30 cryptocurrencies by market capitalization – falling 10%, from a high of 162.52 to a low of 146.52 last week. However, the index has risen significantly since the end of last year, currently trading at 151.85.
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