Spot Bitcoin ETFs experienced a substantial increase in trading volume in March, reaching $111 billion. This amount was nearly three times higher than the total volume in February, which was $42.2 billion.

Growing Interest in Spot Bitcoin ETFs

February was the first full month of trading for these products that were launched on January 11. The surge in trading volume in March indicates a growing interest in these crypto-based financial instruments. Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the significance of March in terms of the total trading volume of Bitcoin ETFs. He stated that trading volume reached $111 billion in March, which was nearly triple the volume in February and January.

Leading Spot ETFs

Grayscale, BlackRock, and Fidelity currently lead in trading volume for spot Bitcoin ETFs. However, Grayscale's GBTC fund saw total outflows exceeding $15 billion since trading commenced in January. GBTC, a decade-old trust converted into a spot Bitcoin ETF by Grayscale two months ago, has experienced a 46% decrease in Bitcoin holdings from around 619,000 BTC to 333,619 BTC (equivalent to $22 billion) since trading as an ETF.

In terms of assets under management, BlackRock and Fidelity's spot Bitcoin ETFs reached approximately $18 billion and $10 billion respectively last month. These two products have been the most successful in generating inflows.

During the most recent trading day, spot Bitcoin ETFs observed net outflows following a week of net inflows. On Monday, net outflows totaled $85.7 million, mainly due to Grayscale's fund losing $302.6 million.