Bitcoin spot ETFs saw record monthly volume in March, tripling numbers from the previous two months with a whopping $111 billion traded.
Bitcoin ETF Smashing Success
The funds collectively traded ~$42 billion in February, and ~$25 billion in January, when they first went live. Since that time, Blackrock’s iShares Bitcoin Trust (IBIT) has overtaken the Grayscale Bitcoin Trust (GBTC) as the leading Bitcoin ETF for daily volume.
“I can’t imagine April will be bigger but who knows,” wrote Bloomberg ETF analyst Eric Balchunas to Twitter on Tuesday.
“While all of the ETFs won in terms of being profitable hits, $IBIT won the volume race and is officially the $GLD of bitcoin,” he continued. “It’s basically a wrap.”
MARCH MADNESS: Bitcoin ETFs traded $111b in March, which is just about triple what they did in Feb and Jan. I added the months where only GBTC was on market for further context. I can’t imagine April will be bigger but who knows.. pic.twitter.com/AJEE0mPmpW
— Eric Balchunas (@EricBalchunas) April 2, 2024
Gold ETFs like GLD have suffered substantial outflows versus Bitcoin ETFs over the past several months – the latter of which have already absorbed $12 billion in net inflows as of April 1. That said, GLD surpassed IBIT in volume on Monday amid a net outflow day for Bitcoin funds overall, and a recent rally to new highs above $2,250 for gold overall.
BlackRock’s Bitcoin Victory
BlackRock’s Bitcoin ETF experienced greater inflows than any other ETF in history within its first 30 days on the market. It absorbed $7.2 billion within that time, and $17.6 billion of assets today.
The ETF also ranked among some of the best-traded ETFs on certain days last month. On March 4, for instance, its volume topped $1.9 billion, ranking 6th under funds like BlackRock’s US Treasury bond ETF and the SPDR.
Its assets have now nearly caught Grayscale’s, whose assets have plummeted from 650,000 BTC to 350,000 BTC since January. Both funds have experienced perfect streaks of inflows and outflows respectively since January 11.
Last week, BlackRock CEO Larry Fink admitted that the success of his firm’s Bitcoin ETF had surpassed his expectations.
“Nothing has gained assets as fast as IBIT in the history of ETFs,” he said.
Several analysts including Bitwise CIO Matt Hougan believe Bitcoin spot ETFs could sustain their opening momentum for years to come as more investors gain access to the investment products.
“The truth is, most professional investors still cannot buy bitcoin ETFs,” Hougan wrote to Twitter last week. “That will change through a series of 100+ individual due diligence processes over the next two years.”
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