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Highlights
- The Spot Bitcoin ETF market had an eclectic trading day
- Total volume tops $1 billion as BlackRock's IBIT leads rivals
- Competition in the spot Bitcoin ETF market continues to heat up strongly
Once again, BlackRock’s spot Bitcoin ETF is leading the others in terms of trading volume with $341.2 million recorded on February 7, 2024.
BlackRock Leads Spot Bitcoin ETF Performance
Data from Bloomberg Intelligence shows the broad spot BTC ETF market registered a total volume of more than $1 billion on the said date and a total flow of almost $2 billion. Noteworthy, IBIT is leading the entire spot Bitcoin ETF landscape after its trading volume surpassed that of Grayscale.
Compared to the Sonnenshein-led GBTC which had $296.5 million in trading volume, BlackRock’s IBIT made up to $341.2 million in volume, indicating almost a $50 million difference. This rivalry between Grayscale and BlackRock has been ongoing since the United States SEC approved their respective spot BTC ETFs applications in addition to that of Fidelity Investments, Bitwise, Invesco Galaxy, and others.
Big volume day for $IBIT. Total volume over $1 billion for the group. https://t.co/Fv8G4P7cvb pic.twitter.com/EGzt431oOr
— James Seyffart (@JSeyff) February 7, 2024
The spot Bitcoin ETF market kicked off officially on January 11 with Grayscale dominating but it was not long after that BlackRock and Fidelity started threatening its reign by the volume of transactions recorded on their spot BTC ETF. Moving on, the market fluctuation progressed for a few trading days before BlackRock eventually overtook Grayscale.
On February 1, BlackRock’s spot Bitcoin ETF cumulative volume came in at around $303.4 million while that of Grayscale’s GBTC was $291.7 million. This victory was, however, short-lived as GBTC returned as the lead in the spot Bitcoin ETF market with a trading volume almost $100 million above BlackRock’s IBIT.
However, current data shows that it is now BlackRock’s turn to hold the baton of the highest traded spot Bitcoin ETFs. Per the current data, Fidelity raked in a trading volume of $200.5 million and remains in the 3rd position.
Spot Issuers Upscaling Personal Performances
Generally, the spot ETF issuers including Valkyrie’s BRRR are performing better than they previously did a few days back.
BRRR had a recorded $3.6 million, and it remains the spot BTC ETF with the lowest trading volume. It follows Franklin Templeton’s EZBC which registered $5.3 million. As of Feb.7, the total volume from the ten spot BTC ETFs was approximately $32.7 billion while the total flows was $1.6 billion.
In the coming days, the rivalry between BlackRock and Grayscale is bound to get tougher and even Fidelity could inch closer than it already is at the moment.
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