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Home CRYPTO

Spot Bitcoin ETF Volume Surpasses $25 Billion as BlackRock and Grayscale Dominate

Conie by Conie
January 27, 2024
in CRYPTO, INVESTING
Reading Time: 3 mins read
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  • BlackRock’s new spot bitcoin ETF has quickly gained assets, surpassing $2 billion in AUM as bitcoin rose above $42,000 on Friday. It is the first completely new spot bitcoin ETF to hit $2 billion.
  • Trading volume for spot bitcoin ETFs has topped $22 billion since launch in January, though it has slowed from the massive $23 billion on day one.
  • The top spot bitcoin ETFs by volume so far are Grayscale’s, BlackRock’s, and Fidelity’s, with assets of $20 billion, $2 billion, and nearly $2 billion respectively.

BlackRock’s spot bitcoin exchange-traded fund (ETF) has quickly gained popularity among investors since its launch earlier this month. As the price of bitcoin climbed above $42,000 on Friday, the ETF surpassed $2 billion in assets under management (AUM).

Bitcoin’s Price Gains

On Friday, bitcoin rose around 5%, breaking back above $42,000 for the first time in over a week. The price increase was enough to push the value of BlackRock’s ETF above $2 billion based on the 49,952 bitcoin it held as of January 25.

First to Hit $2 Billion

With this latest milestone, BlackRock’s product has become the first completely new spot bitcoin ETF to reach $2 billion in AUM. Grayscale’s spot bitcoin ETF has around $20 billion in assets, but it converted from the company’s existing Grayscale Bitcoin Trust (GBTC) fund.

Slowing Trading Volume

Trading volume for spot bitcoin ETFs has topped $22 billion since their launch earlier in January. However, volume has slowed from the first day when trading hit $23 billion across the new products.

JUST IN: Spot #Bitcoin ETFs have done $25 billion in volume in first 10 days of trading 🚀

— BlockNews.com (@blocknewsdotcom) January 26, 2024

The Leading ETFs

The top spot bitcoin ETFs by volume so far have been Grayscale‘s, BlackRock’s, and Fidelity’s, which has nearly $2 billion in assets now. Ark Invest and Bitwise have also launched popular products, each garnering over $500 million in AUM.

Conclusion

In summary, BlackRock’s new spot bitcoin ETF has rapidly attracted investor assets, hitting the $2 billion milestone thanks to bitcoin’s rising price. The fund’s early success indicates strong demand for this new class of crypto investment products.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBlockchaincrypto
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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