The combined trading volume of 10 newly launched spot Bitcoin exchange-traded funds (ETFs) on January 16 surpassed three times the total trading volume of all 500 ETFs introduced in 2023, according to data from Yahoo Finance. On that day, the 10 spot Bitcoin ETFs achieved a total trading volume of just over $1.8 billion, with significant contributions from funds offered by Grayscale, BlackRock, and Fidelity, accounting for $1.6 billion of the overall figure.
In comparison, the cumulative trading volume of all 500 ETFs launched in the United States in 2023 amounted to only $450 million as of January 16, as reported by Bloomberg ETF analyst Eric Balchunas. BlackRock's iShares Bitcoin Trust emerged as the dominant player in attracting net inflows, securing over $497 million in the past three days. In the first three days of trading, the total trading volume across all new spot Bitcoin ETF products approached nearly $10 billion, combining data from Bloomberg ETF analyst James Seyffart and Yahoo Finance.
While Grayscale's Bitcoin fund still leads in terms of total trading volume, exceeding $5.1 billion, it has experienced substantial outflows as investors seek to reduce exposure. Since trading began on January 11, Grayscale Bitcoin Trust (GBTC) has witnessed total outflows surpassing $579 million. Balchunas predicts that BlackRock's products will continue to draw the most inflows, making it the "most likely to replace GBTC as the liquidity king." GBTC, once advantageous for investors, turned problematic as premiums transformed into discounts, causing significant losses for many fund participants. Following the successful conversion of GBTC to a spot ETF, the discount has reduced to 1.55%, prompting long-term investors to seize the opportunity to exit.
