Key Points
- Spot Bitcoin ETFs saw a significant rise in trading volume in March, reaching $111 billion.
- Grayscale, BlackRock, and Fidelity’s spot ETFs continue to lead in trading volume.
In March, spot Bitcoin ETFs experienced a substantial increase in trading volume. The volume surged to $111 million, nearly three times the total of February, which was $42.2 billion.
Increased Interest in Spot Bitcoin ETFs
February marked the first complete month of trading since the products were launched on January 11. The significant rise in March underscores the growing interest in these crypto-based financial instruments.
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted the importance of the past month in terms of total trading volume. “Bitcoin ETFs traded $111 billion in March, which is just about triple what they did in February and January,” he stated.
Leading Spot ETFs
Three spot ETFs issued by Grayscale, BlackRock, and Fidelity continue to lead in trading volume. However, after Monday’s trading, Grayscale’s GBTC fund exceeded $15 billion in total outflows since trading began in January.
In terms of Bitcoin, GBTC, a decade-old trust that Grayscale converted into a spot Bitcoin ETF two months ago, has fallen 46% from around 619,000 BTC to 333,619 BTC ($22 billion) since it began trading as an ETF.
In dollar terms, BlackRock and Fidelity’s spot Bitcoin ETFs reached about $18 billion and $10 billion, respectively, in assets under management last month. These products have been the most successful in terms of inflows.
During the previous trading day, spot Bitcoin ETFs saw net outflows after recording net inflows every trading day last week. Net outflows for Monday were $85.7 million after Grayscale’s fund shed $302.6 million.
