With a stunning $111 billion traded, bitcoin spot ETFs experienced record monthly activity in March, tripling figures from the previous two months.
Bitcoin ETF: Incredible Achievement
When the funds first went live in January, they traded about $25 billion, and together they traded about $42 billion in February. Since then, the Grayscale Bitcoin Trust (GBTC) has been surpassed by Blackrock's iShares Bitcoin Trust (IBIT) as the top Bitcoin ETF in terms of daily volume.
"It's unlikely that April will be more, but it's possible," tweeted Bloomberg ETF analyst Eric Balchunas on Tuesday.
He went on, "All of the ETFs were profitable hits, but $IBIT won the volume race and is now the official $GLD of bitcoin." "That's essentially the end."
Over the previous several months, Bitcoin ETFs have absorbed $12 billion in net inflows as of April 1, whereas older ETFs like GLD have seen significant withdrawals. Nevertheless, on Monday, GLD outpaced IBIT in volume amidst a day of net outflows for all Bitcoin funds and a recent surge in gold prices to all-time highs above $2,250.
BlackRock's Triumph with Bitcoin
A few days last month, the ETF was also among the most actively traded ETFs. For example, on March 4, its volume exceeded $1.9 billion, placing it sixth behind funds such as the SPDR and BlackRock's US Treasury bond ETF.
Grayscale's assets, which have dropped from 650,000 BTC to 350,000 BTC since January, have now almost matched their own. Since January 11, there have been flawless runs of inflows and outflows for both funds.
CEO of BlackRock Larry Fink acknowledged last week that he had not anticipated the level of success for his company's Bitcoin ETF.
"In the history of ETFs, nothing has gained assets as quickly as IBIT," he declared.
In its first 30 days of trading, BlackRock's Bitcoin ETF saw more inflows than any other ETF in history. In that period, it took in $7.2 billion, and as of right now, it has $17.6 billion in assets.
April 2024, Cryptoniteuae