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Analysis

10 billion in BTC spot ETF volume is bigger than you think.

Bloomberg ETF analyst Eric Balchunas commented on bitcoin spot ETF volume hitting $10 billion in three days: "Let me explain how crazy it is to see this kind of volume in the first three trading days of a listing. There were 500 ETFs launched in 2023, and today they had a total volume of $450...

10 billion in BTC spot ETF volume is bigger than you think.

Bloomberg ETF analyst Eric Balchunas commented on bitcoin spot ETF volume hitting $10 billion in three days: "Let me explain how crazy it is to see this kind of volume in the first three trading days of a listing. There were 500 ETFs launched in 2023, and today they had a total volume of $450 million. The largest was $45 million. That's more volume on BlackRock IBIT than all the new ETFs last year. To put that in perspective, half of the 500 new ETFs that launched today last year had less than $1 million in volume. Volume is hard to come by. Volume cannot be artificially manipulated because it is naturally generated by the market. And that's what gives ETFs their longevity.

Meanwhile, the U.S.-listed Bitcoin spot ETF reported about $10 billion in trading volume over three trading days, according to BlockWorks. Day 3 volume is at $1.8 billion. Grayscale GBTC and BlackRock IBIT are leading the way. However, GBTC's high trading volume does not indicate net inflows of funds. Last week, GBTC saw a net outflow of $5.79 billion.

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