Grayscale, BlackRock, and Fidelity collectively possess nearly all the funds – a staggering $1.6 billion within three days.

The trio of Grayscale, BlackRock, and Fidelity has emerged as the clear leaders in the spot bitcoin ETF market, capturing a significant 90% of the total trading volume. On Tuesday, these three market giants collectively contributed $1.6 billion to the overall trading volume of $1.8 billion. While the overall volume has decreased from its peak of $3 billion on Friday, these market leaders have maintained a strong position. On the first day of trading, the total volume reached $4.6 billion, as previously reported.

While Grayscale has dominated the volume charts, BlackRock is gaining momentum and is poised to surpass Grayscale as the “Liquidity King.” Grayscale’s spot bitcoin ETF, a conversion of its flagship GBTC fund, has seen significant outflows of over $500 million since its debut last week, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas. Balchunas pointed out that BlackRock’s ETF is the most likely candidate to overtake Grayscale in the liquidity race. Both BlackRock and Fidelity have experienced inflows of over $400 million since the start of trading.

The overall trading activity for the new funds remains healthy, according to Balchunas. 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 continues to mature, the dominance of Grayscale, BlackRock, and Fidelity indicates a dynamic landscape.