The excitement for Spot Bitcoin ETFs continues, with products from Grayscale, BlackRock, and Fidelity dominating the market. On their third day of trading, January 16, these ETFs captured nearly 90% of the market share, drawing significant investor attention. Among 11 spot Bitcoin ETFs currently traded, these three are the clear leaders.
According to Yahoo Finance data, the top three funds accounted for about $1.2 billion of the total $1.4 billion trading volume shortly before the market close. Although the third day’s volume was below the peak of $3.1 billion seen on January 12, an uptick in volume towards the end of the day could change this trajectory.
Bloomberg Intelligence senior ETF analyst Eric Balchunas highlighted that while Grayscale’s new crypto-based product leads in volume, its ETF, transformed from the flagship GBTC fund, experienced significant outflows. Balchunas shared data on social media showing Grayscale’s spot Bitcoin ETF lost over $500 million in value since it started trading last week.
Meanwhile, BlackRock’s ETF product is seen as the most likely to overtake Grayscale as the ‘Liquidity King.’ BlackRock and Fidelity’s funds have seen inflows exceeding $400 million since they began trading. Balchunas noted that trading activities for the new funds have been healthy, with a cumulative volume of over $9 billion in the first three days.
Overall, the market for spot Bitcoin ETFs is showing robust growth and investor interest, with leading funds from major investment firms setting the pace for the industry.