Spot bitcoin ETFs reach record highs for weekly inflows and trading volume

Weekly net inflows and trading volume for U.S. spot bitcoin exchange-traded funds hit record levels last week as bitcoin reached fresh all-time highs before retreating sharply.

Net inflows for the ten spot bitcoin ETFs combined reached $2.57 billion last week — up 15 % from the $2.24 billion worth of inflows generated the week prior — according to data from BitMEX Research and Farside Investors.

BlackRock’s IBIT continued its dominance, generating $2.48 billion in inflows. Fidelity’s FBTC came second with $717.9 million and VanEck’s HODL third with $247.8 million. However, Grayscale’s converted GBTC fund witnessed $1.25 billion in outflows, while Invesco’s BTCO also contributed $29.4 million in outflows.

Total net inflows since spot bitcoin ETF trading began on Jan. 11 now stand at just over $12 billion.

“Net inflows yesterday as the Boomers bought right into a nasty overnight 8% selloff like nobody’s business capping off a week that saw net $2.5 billion inflows and $35 billion in volume (both records),” Bloomberg ETF analyst Eric Balchunas said on Saturday.

Spot bitcoin ETFs witness the biggest weekly trading volume

Weekly trading volume for the U.S. spot bitcoin ETFs combined also hit a record $35.1 billion last week amid the volatility in bitcoin’s price action. Last week’s trading volume for the ETFs was 15% higher than the $2.24 billion registered in the prior week.

BlackRock’s IBIT ETF again led, generating a trading volume of $16.17 billion for the week. Grayscale’s GBTC and Fidelity’s FBTC generated $8.24 billion and $6.5 billion in trading volume, respectively, according to The Block’s Data Dashboard.

BlackRock’s spot bitcoin ETF is now approaching a 50% market share by trading volume, currently at 47%. Meanwhile, Grayscale’s higher-fee GBTC fund has slumped from a 50.5% market share on Jan. 11 to 23.1% as of Friday.

Cumulative trading volume for all spot bitcoin ETFs now stands at $141.7 billion.

Bitcoin price retreats from fresh all-time highs

The bitcoin price reached a fresh all-time high of $73,836 on Thursday before a sharp selloff saw the largest cryptocurrency by market cap fall over 12% to a low of $64,505 on Sunday. Bitcoin has since recovered slightly, trading for $67,718, according to The Block’s price page.

BTC/USD price chart. Image: The Block/TradingView.

The decline was also witnessed across the broader crypto market, with the GM30 index — representing the top 30 cryptocurrencies by market cap — falling 10% from a peak of 162.52 to a low of 146.52 last week. However, the index has been up considerably since late last year — currently trading at 151.85.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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