The cumulative trading volume for U.S. spot bitcoin exchange-traded funds (ETFs) has surged past a significant milestone, exceeding $150 billion in less than 10 weeks since the Securities and Exchange Commission (SEC) approved ETFs from industry giants such as BlackRock, Fidelity, and Bitwise.
According to data from The Block’s data dashboard, the cumulative trading volume for spot bitcoin ETFs has experienced a remarkable increase of $50 billion since March 8, when it first reached the $100 billion mark. As of the close of trading yesterday, the cumulative trading volume stood at an impressive $151.4 billion.
Tuesday witnessed a notable surge in spot bitcoin ETF trading volume, totaling $5.6 billion. Among the ETFs, BlackRock’s IBIT led the pack with a trading volume of $2.5 billion, followed closely by Grayscale’s GBTC and Fidelity’s FBTC with volumes of $1.5 billion and $962 million, respectively.
The transition of market share within the spot bitcoin ETF landscape has been evident, with Grayscale’s GBTC experiencing a gradual decline from 50.5% to 26.5% since the launch of spot bitcoin ETFs on January 11. In contrast, BlackRock’s IBIT has seen significant growth, increasing its market share from 22.1% to 45.2% during the same period. Fidelity’s FBTC occupies the third position, holding a 17.2% share of the market.
This surge in trading volume reflects the growing demand for spot bitcoin ETFs among investors, highlighting the increasing acceptance and adoption of cryptocurrency investment products in the mainstream financial landscape.