Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Grayscale, BlackRock and Fidelity dominate spot ETF market with nearly 90% of volume on third day of trading

Grayscale, BlackRock and Fidelity dominate spot ETF market with nearly 90% of volume on third day of trading

The BlockThe Block2024/01/16 19:14
By:RT Watson

The top three spot bitcoin ETFs are accounting for the lion’s share of volume as day three of trading enters into the final hours on Tuesday.The day’s total volume is trending to finish below the $3 billion seen last Friday.

Grayscale, BlackRock and Fidelity dominate spot ETF market with nearly 90% of volume on third day of trading image 0

In a third day of trading, the top three spot bitcoin ETFs by trading volume have positioned themselves heads and shoulders above the rest by nabbing just about 90% of the burgeoning market

Funds offered by Grayscale, BlackRock and Fidelity are the clear leaders among the 11 spot bitcoin ETFs currently trading. After gaining approval, the new instruments began trading last week.

With just under two hours left to trade in the day, the three top funds had generated about $1.2 billion of the $1.4 billion of total trading volume, according to data from Yahoo Finance compiled by The Block.

The third day is so far trending to finish well below the $3.1 billion seen on Friday, although spikes in volume near the end of trading are not uncommon and could alter that trajectory, according to The Block Research. Total volume came in at $4.6 billion on Thursday's day one of trading last week.

BlackRock may become 'Liquidity King'

While Grayscale has been the clear leader in terms of volume among the new crypto-based instruments, the firm's ETF, which is a conversion of its flagship flagship GBTC fund, has experienced considerable outflows, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas. 

Grayscale's spot bitcoin ETF has shed more than $500 million since it started trading last week, according to Balchunas, who posted data to the social media platform X on Tuesday. BlackRock's ETF is the "most likely to overtake" Grayscale as "Liquidity King," he also said.

The funds offered by BlackRock and Fidelity have, in comparison, seen inflows over $400 million since they began trading.

Overall, Balchunas said trading activity for the new funds was healthy. Cumulative volume over the first three days is now over $9 billion. 

"About the same pattern dropoff rate as $BITO (which again was the most successful organic launch in ETF history)," Balchunas added.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Musk dine with Microsoft CEO to discuss AI, cybersecurity and American jobs

Share link:In this post: Microsoft Corp.’s Satya Nadella joins Donald Trump and Elon Musk for the discussion of AI and cybersecurity The statement said that the conversation was based on several topics, including the US firm’s pledge to invest $80 billion in AI data centers globally. Over $50 billion of that investment is expected to support American jobs.

Cryptopolitan2025/01/16 09:33

Litecoin ETF may be near SEC approval after Canary Funds amends the filing

Share link:In this post: Canary Capital filed an amended S-1 registration statement for its Litecoin ETF on January 13. Senior ETF analyst at Bloomberg Eric Balchunas believes the SEC’s recent response to Canary’s Litecoin S-1, improves the chances that a Litecoin ETF will be approved soon. Canary Capital also filed its S-1 registration statement for Solana and XRP ETFs in October.

Cryptopolitan2025/01/16 09:33

Arkansas legislators propose bill to prohibit crypto mining near military sites

Share link:In this post: Arkansas lawmakers introduced Senate Bill 60 (SB 60) to establish a 30-mile buffer zone around military facilities to limit cryptocurrency mining operations near sensitive sites. The bill was prompted by a crypto mining plant near Little Rock Air Force Base, raising concerns about noise pollution and environmental degradation. Similar actions have occurred elsewhere in the US, with federal and state officials addressing security risks and environmental concerns tied to crypto minin

Cryptopolitan2025/01/16 09:33

Apple and Google remove Huione Group crypto apps after alleged $24 billion illicit marketplace operation

Share link:In this post: Apple and Google have removed apps developed by Huione Group from their marketplaces in response to fraud allegations. Huione Group is believed to be behind Huione Guarantee, a Telegram-based marketplace with about $24 billion in money laundering and other fraudulent activities. The removal of these apps raises questions about app stores’ responsibility in monitoring and preventing the distribution of apps linked to illegal activities.

Cryptopolitan2025/01/16 09:33