In what is a clear sign of the massive success that the investment products have had, Spot Bitcoin ETFs have seen their trading volume collectively surpass $50 billion. Additionally, the 11 approved ETFs also saw their net inflows return Thursday, accumulating $251.4 million.
The massive heights were reached just six weeks after the products were approved by the US Securities and Exchange Commission (SEC). Indeed, BlackRock, Fidelity, Bitwise, Grayscale, and others have played a crucial role in their success over the last month. Moreover, that is expected to continue for the offerings.
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Spot Bitcoin ETFs Pass $50 Billion in Trading Volume
Since the start of 2024, all eyes have been on the growing interest in Spot Bitcoin ETFs. Indeed, the market ended last year with the approval expected, but some hesitance remains. Amid the SEC’s consistent anti-crypto approach, many were worried that the offerings would never come to fruition.
However, that proved not to be the case, as just 11 days into the year, 11 of the investment vehicles were given the green light. Since that time, the products have been highly successful. Moreover, that has culminated in Spot Bitcoin ETFs trading volume collectively surpassing $50 billion today.
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Specifically, Spot Bitcoin ETFs have seen their volume grow from just above $28 billion at the start of February to $50.5 billion. That figure was reported at the close of yesterday’s trading. Additionally, the figure was a beneficiary of a multi-week high in volumes of more than $2.5 billion according to The Block.
The cumulative success was driven by BlackRock’s IBIT with $457.2 billion. Moreover, Grayscale’s GBTC followed with $348.8 million. Thereafter, Fidelity saw $255,7 million for its FBTC Spot Bitcoin ETF. Conversely, the success of the investment offering has driven overall interest in similar products for other cryptocurrencies. Subsequently, many predict an Ethereum ETF to be developed within the next two years.