After Grayscale’s converted product dominated spot bitcoin exchange-traded fund daily volumes for 14 days, BlackRock’s IBIT overtook GBTC for the first time on Thursday.
IBIT generated $303.97 million in daily trading volume yesterday, compared to $292.37 million for GBTC, according to The Block’s data dashboard. Fidelity’s FBTC was in third with $171.84 million. The remaining new spot bitcoin ETFs generated volumes of less than $100 million each.
Both BlackRock’s and Fidelity’s spot bitcoin ETFs were already closing in on GBTC’s daily trading volume earlier in the week, and at one point it appeared they would surpass Grayscale’s converted fund on Tuesday.
“BlackRock’s IBIT is the first ETF to trade more than Grayscale’s GBTC in a single day,” Bloomberg ETF analyst James Seyffart said. “Total trading today was kind of a dud though at $924 million — the first day below $1 billion in dollar volume for the group since launch.”
The cumulative trading volume for the spot bitcoin ETFs is now approaching $30 billion.
BlackRock’s IBIT also led in terms of inflows on Thursday, adding $163.9 million to the fund. FBTC was again in second with $35.8 million worth of inflows, while GBTC registered $182 million in outflows — the lowest since Jan. 11. Net inflows came in at $38.5 million yesterday — the fifth consecutive day of inflows. Total net inflows currently stand at around $1.4 billion after 15 days of trading, according to BitMEX Research data.