Bitcoin ETF Spot Trading Volume Surpasses $5.5 Billion
Date: 2024-03-05 Author: Dima Zakharov Categories: BUSINESS
Spot Trading Volume Surpasses $5.5 Billion
On March 4, 2024, the spot trading volume for Bitcoin Exchange-Traded Funds (ETFs) reached an impressive milestone, surpassing $5.5 billion. This substantial trading activity marks the second-largest volume for this asset class since its inception.
Impressive Performance of IBIT
iShares Bitcoin Trust (IBIT), managed by BlackRock, notably contributed to this milestone with a trading volume of $2.4 billion alone. The fund has also surpassed $11 billion in assets under management (AUM), solidifying its position as a leader in the market.
Steady Growth and Performance
Each of the spot Bitcoin ETFs experienced a remarkable 30% increase in value over the past six days, according to analysts. This upward trend in performance is expected to continue, further boosting trading volumes and market indicators.
Previous Records and Market Dynamics
The record for spot trading volume was set on February 28, 2024, when trading volumes approached $6 billion. High demand for these products, attributed to increased activity in the segment, is considered a primary driver for the rise in Bitcoin prices.
Capital Inflows and Outflows
On March 4, 2024, according to SoSo Value, net capital inflows into spot Bitcoin ETFs totaled $164.6 million. This follows a brief outflow recorded on March 1, 2024, after six consecutive days of inflows.
Leading Players in the Market
With the exception of IBIT and Grayscale Bitcoin Trust ETF (GBTC), Fidelity Wise Origin Bitcoin ETF (FBTC) from Fidelity Investments emerges as the leader in terms of capital raised, showcasing the growing competition in the Bitcoin ETF market.
