The trio, which gained approval for trading last week, has outshone the competition, with funds from Grayscale, BlackRock, and Fidelity spearheading the 11 spot bitcoin ETFs currently available for trading. Although these three funds took the lead on Tuesday’s trading, grabbing a substantial $1.6 billion out of the total $1.8 billion traded.
Top three spot Bitcoin ETFs Capture 90% Market
On the third day of trading, Grayscale, BlackRock, and Fidelity have emerged as the undeniable frontrunners in the growing spot bitcoin ETF market, collectively commanding a noteworthy 90% of the total trading volume.
As Tuesday’s trading session came to a close, these three market leaders demonstrated their dominance by collectively contributing $1.6 billion to the overall trading volume of $1.8 billion.
These three have collectively contributed $1.6 billion out of the total $1.8 billion in trading volume. Despite the overall volume dipping from Friday’s peak of $3 billion, these market giants maintained an impressive stronghold.
As earlier coinpedia reported that on the first day of trading, the total volume came in at $4.6 billion.
BlackRock Poised to Surpass Grayscale as ‘Liquidity King’
While Grayscale has dominated the volume charts, BlackRock, emerging as a potential ‘Liquidity King,’ is gaining momentum. Grayscale’s spot bitcoin ETF, a conversion of its flagship GBTC fund, has witnessed significant outflows, shedding over $500 million since its debut last week, as highlighted by Bloomberg Intelligence senior ETF analyst Eric Balchunas.
Balchunas, who shared data on X, pointed out that BlackRock’s ETF is the most likely candidate to overtake Grayscale in the liquidity race. Notably, funds offered by BlackRock and Fidelity have experienced inflows of over $400 million since the commencement of trading.
LATEST: Day Three volume so far half a billion for the Newborn Nine which is healthy, about the same pattern dropoff rate as $BITO (which again was the most successful organic launch in ETF history). $IBIT keeping lead to be one most likely to overtake $GBTC as Liquidity King. pic.twitter.com/hoatfSmNpN
— Eric Balchunas (@EricBalchunas) January 16, 2024
In comparison, the overall trading activity for the new funds, as assessed by Balchunas, remains healthy. Meanwhile, the cumulative volume over the first three days has surpassed $9.5 billion, following a similar drop-off pattern observed in $BITO, the most successful organic launch in ETF history.
As the spot bitcoin ETF market matures, the dominance of Grayscale, BlackRock, and Fidelity signals a dynamic landscape.
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