Grayscale, BlackRock, and Fidelity Dominate Bitcoin ETFs with $1.6B in Trading Volume
Key Takeaways:
– Grayscale, BlackRock, and Fidelity hold 90% of the trading volume in the spot bitcoin ETF market, contributing $1.6 billion per day.
– BlackRock is emerging as the potential “Liquidity King” in the market.
– Despite a slight decrease in overall trading volume, the three financial powerhouses remain strong.
– The first three days of trading saw a total volume of over $9.5 billion.
– The dominance of Grayscale, BlackRock, and Fidelity indicates a positive shift in the market.
Last week, Grayscale, BlackRock, and Fidelity achieved a significant milestone by obtaining approval to trade in the spot bitcoin ETF market. These financial giants are not just participating in the market; they are leading the way, heading the 11 available bitcoin ETFs for trading.
As Tuesday’s trading session came to a close, it became clear that Grayscale, BlackRock, and Fidelity were the undeniable leaders, accounting for an impressive 90% of the total trading volume. Together, they contributed $1.6 billion to the overall trading volume of $1.8 billion.
Despite a slight dip in the overall trading volume from its peak of $3 billion on Friday, these market leaders remained steadfast. Their combined contribution of $1.6 billion, even in the face of a decrease in total volume, highlights the resilience of Grayscale, BlackRock, and Fidelity in the evolving spot bitcoin ETF market.
Coinpedia’s report revealed a strong start, with the first-day trading volume reaching an impressive $4.6 billion. This early momentum set the stage for the subsequent dominance of these three financial powerhouses.
While Grayscale initially dominated the volume charts, BlackRock is emerging as a potential “Liquidity King,” gaining significant momentum. Interestingly, Grayscale’s spot bitcoin ETF, a conversion of its flagship GBTC fund, experienced outflows, losing over $500 million since its debut. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, believes that BlackRock’s ETF is likely to lead the liquidity race.
Both BlackRock and Fidelity have seen substantial inflows, surpassing $400 million since the start of trading. Despite Grayscale’s outflows, Balchunas suggests that the overall trading activity for these new funds remains robust. In the first three days of trading, the cumulative volume exceeded $9.5 billion, reflecting the successful launch pattern observed in $BITO, the most successful organic ETF launch in history.
As the spot bitcoin ETF market matures, the dominance of Grayscale, BlackRock, and Fidelity signals a positive shift in the market.