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U.S. spot bitcoin exchange-traded funds (ETFs) have surpassed $200 billion in cumulative trading volume since launching just three months ago.
JUST IN: 🇺🇸 US #Bitcoin spot ETFs trading volume surpasses $200 billion within just 3 months.
Asia is next 🚀 pic.twitter.com/VxQdQJEIjN— Bitcoin Magazine (@BitcoinMagazine) April 10, 2024
According to data from The Block, the total volume for the SEC-approved funds crossed the $200 billion milestone on Tuesday. This comes after spot bitcoin ETFs saw a record monthly volume of $111 billion in March, triple that of February.
The ETFs debuted on January 11th when bitcoin traded around $45,000. Since then, bitcoin has climbed to an all-time high above $73,000, buoying interest and trading activity.
BlackRock’s IBIT leads the volumes, which now hold over 265,000 bitcoins worth more than $18 billion. IBIT comprises nearly 50% of the total spot ETF volume. Meanwhile, Grayscale’s GBTC and Fidelity’s FBTC rank second and third in market share.
The success of U.S. spot bitcoin ETFs has prompted applications in other markets like Hong Kong. Regulators there are expected to approve the first spot bitcoin ETFs in Asia this month, potentially adding more volume.
ETF providers cite surging institutional demand for regulated Bitcoin exposure. The funds present an easy vehicle for both retail and professional investors to gain bitcoin price exposure.
The $200 billion cumulative volume indicates growing bitcoin’s maturation since the last bull run when ETF hopes were repeatedly dashed.
The growth of bitcoin ETFs signals widening adoption by traditional finance, a mainstream integration that will likely persist as the asset class evolves.