US Spot Bitcoin ETFs Achieve $750 Billion in Cumulative Trading Volume
US spot Bitcoin Exchange-traded Fund (ETF) products have achieved $750 billion in cumulative trading volume, one year post-launch, indicating rapid growth among mainstream investment options.
Key Milestones
- March 2024: Cumulative trading volume reached $100 billion.
- April 2024: Volume doubled to $200 billion around the Bitcoin halving event; BTC price peaked at approximately $74,000.
- After a cooling-off phase, trading volume rebounded to $500 billion, and now stands at $753.2 billion.
BlackRock's Dominance
- BlackRock’s iShares Bitcoin Trust (IBIT) holds a 75% market share of spot Bitcoin ETFs, up from 25% at launch.
- IBIT manages $56 billion out of $112 billion across all US spot Bitcoin ETFs.
- Grayscale’s GBTC has seen declines due to high management fees.
- BlackRock proposes in-kind redemptions to streamline transactions for institutional investors.
BlackRock's Ethereum ETF
- BlackRock’s Ethereum ETF (ETHA) leads with $3.19 billion in cumulative inflows.
- ETHA gained $1.3 billion in inflows over ten trading days in December.
- Ethereum ETF issuers are seeking staking approval, with expectations for regulatory support.