Bitcoin ETFs top 3X daily volume of all 500 ETFs launched in 2023 combined

The total volume across 10 spot Bitcoin exchange-traded funds (ETFs) on Jan. 16 has, on the same day, outpaced the total volume for all 500 ETFs launched in 2023 more than three times over.

Yahoo Finance data compiled by Cointelegraph shows the 10 recently approved spot Bitcoin ETFs generated just over $1.8 billion in total volume on Jan. 16, with funds offered by Grayscale, BlackRock and Fidelity accounting for $1.6 billion of the total.

In comparison, the combined Jan. 16 trading volume for all 500 ETFs launched in the United States in 2023 at just $450 million, according to Bloomberg ETF analyst Eric Balchunas.

The total volume across all of the new spot Bitcoin ETF products reached nearly $10 billion across the first three days of trading, according to figures by Bloomberg ETF analyst James Seyffart and Yahoo Finance data compiled by Cointelegraph.

While Grayscale’s Bitcoin fund still leads the pack in total trading volume — notching more than $5.1 billion — the fund has experienced considerable outflows as investors seek to reduce exposure.

The Grayscale Bitcoin Trust (GBTC) has witnessed more than $579 million in total outflows since it began trading on Jan. 11. Balchunas added that BlackRock’s product would continue to attract the most inflows making it the “most likely to overtake GBTC as Liquidity King.”

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Jan-17-2024 08:57:05 AM