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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> US Spot Bitcoin ETFs Surpass $50B Cumulative Trading Volume  – CoinsMegaNews

US Spot Bitcoin ETFs Surpass $50B Cumulative Trading Volume 

1 year ago CryptoExpert
US Spot Bitcoin ETFs Surpass $50B Cumulative Trading Volume 

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Spot Bitcoin exchange-traded funds (ETF) have surpassed a staggering $50 billion cumulative trading volume since trading started in the United States on January 11.

The milestone, achieved on Thursday, February 22, marks a 76.68% surge from the 28.3 billion cumulative volume recorded at the beginning of the month, according to data from BitMEX Research.

$50B Cumulative Volume from Spots BTC ETFs

Specifically, on Thursday, spot Bitcoin ETFs saw a cumulative volume worth $1.2 billion. Amongst the products, BlackRock’s iShares Bitcoin Trust (IBIT) leads with $457.2 million. Trailing IBIT is Grayscale’s Bitcoin Trust (GBTC) with $348.8 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $255.7 million.

Notably, the $50 billion cumulative trading volume was boosted by a multi-week record trading volume of more than $2.5 billion on Tuesday.

Moreover, the volume underscores investors’ growing confidence in spot Bitcoin ETFs. This surge is also a testament to the increasing mainstream adoption and recognition of Bitcoin as a legitimate asset class.

Return to Inflows

Meanwhile, the achievement comes amidst the financial products’ return to inflow after recording net outflows of $35.7 million on Wednesday.

Regarding inflows, FBTC leads the pack with $158 million inflows, followed by IBIT at $125 million. This inflow takes FBTC and IBIT to a total historical net inflow of $4.05 billion and $5.74 billion, respectively.

Other ETFs that also recorded inflows include Bitwise Bitcoin ETF (BITB) at $7.90 million, ARK 21Shares Bitcoin ETF (ARKB) at $6.7 million, WisdomTree Bitcoin Fund (BTCW) at $4.40 million, VanEck Bitcoin Trust (HODL) at $2.93 million, and Valkyrie Bitcoin Fund (BRRR) at $1.17 million.

While the aforementioned recorded inflows on Thursday, GBTC, in contrast, saw net outflows. Data shows that the product recorded outflows worth $55.67 million.

GBTC has been known to record conservative outflows since its trading started earlier in January. Analysts attribute this to the ETF’s higher management fees than its competitors. While all products charge fees from 0.2% to 0.9%, Grayscale charges 1.5%.

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