BlackRock’s spot bitcoin ETF, IBIT, achieved a significant milestone by surpassing Grayscale’s GBTC in daily trading volume for the first time on Thursday. According to data from The Block’s dashboard, IBIT recorded a trading volume of $303.97 million, edging out GBTC, which registered $292.37 million. Fidelity’s FBTC followed closely behind with $171.84 million in trading volume, while other new spot bitcoin ETFs recorded volumes below $100 million each.
The trend of BlackRock’s IBIT and Fidelity’s FBTC closing in on GBTC’s daily trading volume was evident earlier in the week, with expectations that they would eventually surpass Grayscale’s converted fund. Bloomberg ETF analyst James Seyffart noted the significance of IBIT’s achievement, being the first ETF to outpace GBTC’s trading volume in a single day. However, Seyffart remarked that total trading volume for the group was relatively subdued at $924 million, marking the first day below $1 billion since the ETFs’ launch.
The cumulative trading volume for spot bitcoin ETFs is now nearing $30 billion, indicating growing investor interest in these investment vehicles. IBIT also led in terms of inflows on Thursday, with $163.9 million added to the fund, followed by FBTC with $35.8 million worth of inflows. In contrast, GBTC experienced outflows of $182 million, the lowest since January 11. Despite this, net inflows across all ETFs amounted to $38.5 million, marking the fifth consecutive day of inflows and bringing total net inflows to approximately $1.4 billion after 15 days of trading, according to data from BitMEX Research.
