Spot Bitcoin ETFs hit record highs in trading volume and inflows

Total net inflows into 10 spot Bitcoin ETFs reached $2.57 billion last week – up 15% from the $2.24 billion inflows generated the week before, according to data from BitMEX Research and Farside Investor.

BlackRock's IBIT continues to dominate, receiving inflows of $2.48 billion. Fidelity's FBTC ranked second with $717.9 million and VanEck's HODL ranked third with $247.8 million. In contrast, Grayscale's converted GBTC fund recorded outflows of $1.25 billion, while Invesco's BTCO also contributed $29.4 million in outflows.

Total net inflows since the spot Bitcoin ETF began trading on January 11 now stand at more than $12 billion.

'Yesterday, Boomers bought in during a nasty 8% sell-off, delivering $2.5 billion in net inflows and $35 billion in volume, Bloomberg ETF analyst Eric Balchunas said on Saturday. (both record levels)'.

Spot Bitcoin ETFs achieve the largest weekly trading volume

Total weekly trading volume of US spot Bitcoin ETFs also hit a record $35.1 billion last week amid Bitcoin price volatility. Last week's trading volume for ETFs was 15% higher than the previous week's $2.24 billion.

BlackRock's IBIT ETF once again led the way, generating $16.17 billion in trading volume for the week. According to The Block data, Grayscale's GBTC and Fidelity's FBTC have trading volumes of $8.24 billion and $6.5 billion, respectively.

BlackRock's Bitcoin Spot ETF currently holds nearly 50% market share by trading volume, at 47%. Meanwhile, Grayscale's higher-fee GBTC fund dropped from 50.5% market share on January 11 to 23.1% on Friday.

Cumulative trading volume for all spot Bitcoin ETFs is currently $141.7 billion.

Bitcoin price retreats from new ATH level

Bitcoin price hit a new ATH of $73,750 last Thursday, as a massive sell-off sent the largest cryptocurrency by market capitalization plunging more than 12% to a low of $64,505 on Sunday, March 17. Bitcoin has since recovered slightly, currently trading at $67,717.

The decline also occurred across the broader crypto market, as the GM30 index, which represents the top 30 cryptocurrencies by market capitalization, fell 10% from a peak of 162.52 to low of 146.52 last week. However, this index has increased significantly since the end of last year, currently at 151.85.

Lesley Montoya

Update 04 April 2024