Grayscale, BlackRock, and Fidelity dominate the spot ETF market, accounting for nearly 90% of volume on the third day of trading.
After just three days of trading, the top three spot Bitcoin ETFs by volume stand above the rest, accounting for about 90% of the fast-growing market.
Funds offered by Grayscale, BlackRock, and Fidelity are the clear leaders among the 11 spot Bitcoin ETFs currently trading. After receiving approval, the new product began trading last week.
With less than two hours of trading left in the day, the top three funds generated about $1.2 billion of the $1.4 billion in total trading volume, according to data from Yahoo Finance compiled by The Block.
It’s not uncommon to see volume surge toward the end of trading, and that can change its trajectory, but the third day tends to end well below the $3.1 billion seen on Friday, according to The Block Research. On the first day of trading last Thursday, total volume reached $4.6 billion.
BlackRock could become the ‘liquidity king’
Grayscale has been the clear leader in terms of trading volume among new cryptocurrency-based products, but the company’s ETF, which converted its flagship GBTC fund, has experienced significant outflows, according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
Grayscale’s spot Bitcoin ETF has lost more than $500 million since it began trading last week, Balchunas said. published data on social media platform X on Tuesday. BlackRock’s ETFs ““Most likely to overtake” Grayscale He also said it was the “liquidity king.”
By comparison, funds provided by BlackRock and Fidelity have seen inflows of over $400 million since they began trading.
Overall, Balchunas said trading activity for the new fund was healthy. Cumulative trading volume in the first three days now exceeds $9 billion.
“It’s the same pattern decline rate as $BITO (the most successful organic launch in ETF history),” Balchunas added.
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