In March, the trading volume of Bitcoin spot ETFs surpassed 100 billion US dollars, nearly three times the trading volume in February and January, according to Bloomberg ETF analyst Eric Balchunas. He pointed out that IBIT took the lead in trading volume, accounting for nearly 50%. It is worth noting that the latest data on fund flows shows that ARKB from Ark Investment has surpassed GBTC in net outflows for the first time.
Bitcoin spot ETFs in the United States have quickly become the second-largest single commodity ETF since their listing on January 11th, and have become an important reference for investors interested in Bitcoin buying. Looking back at the data for March, it is surprising that the trading volume of Bitcoin spot ETFs exceeded 100 billion US dollars, reaching 111 billion US dollars, nearly three times the trading volume in February and January.
Among them, BlackRock’s Bitcoin spot ETF “IBIT” had the largest trading volume, surpassing Grayscale’s GBTC in February. Eric Balchunas then showed in the chart how IBIT took over the market share of trading volume from GBTC. He stated, “As can be seen from the chart below, IBIT accounted for 49.13% of the trading volume on March 28th, higher than GBTC’s 20.41%.”
According to HODL15Capital’s statistics, in the ranking of Bitcoin holdings by funds, companies, and mining companies (excluding exchanges and governments), there are as many as 5 Bitcoin spot ETFs, which are:
– GBTC: The largest Bitcoin holder, holding 328,000 BTC
– IBIT: The second-largest Bitcoin holder, holding 256,700 BTC
– FBTC: The fourth-largest Bitcoin holder, holding 146,000 BTC
– ARKB: The sixth-largest Bitcoin holder, holding 44,662 BTC
– BITB: The seventh-largest Bitcoin holder, holding 31,762 BTC
It can be seen that these products are highly popular in the market. The latest data on fund flows, according to Farside Investors, shows that Bitcoin spot ETFs had a net inflow of $40.3 million yesterday (2nd), reversing the net outflow of $85.7 million on the 1st, but the data is not significant.
It is worth noting that besides GBTC (which has been experiencing net outflows every trading day since it converted into an ETF), ARKB, jointly launched by Ark Investment and 21Shares, also had a net outflow of $87.5 million (approximately 1,300 BTC) yesterday, surpassing GBTC’s $81.9 million. This is the first time that GBTC’s net outflows have been surpassed by other ETFs. For GBTC, yesterday was a relatively low outflow day, with an average outflow of $254 million per day over the past 5 trading days. In the past three months, a total of more than $15.1 billion has flowed out.
However, the current assets under management (AUM) of GBTC are still the largest among ETFs, exceeding $21.68 billion, higher than the second-largest IBIT, which has an AUM of $16.95 billion. At the same time, ARKB ranks fourth among ETFs with an AUM of $2.86 billion.
Bitcoin ETF flow chart (in millions of USD). Source: Farside Investors.