The milestone comes amid record net outflows for the spot bitcoin ETFs on Tuesday as bitcoin’s price dropped around 10%.
Cumulative trading volume for U.S. spot bitcoin exchange-traded funds surpassed $150 billion on Tuesday, less than 10 weeks after the Securities and Exchange Commission approved ETFs from BlackRock, Fidelity, and Bitwise, among others.
Grayscale’s higher fee GBTC fund has been gradually squeezed for market share by trading volume, down from 50.5% when the spot bitcoin ETFs launched on Jan. 11 to 26.5% as of yesterday, coinciding with persistent daily outflows. BlackRock’s IBIT has been the principal benefactor, growing from a 22.1% market share to 45.2% during the same period. Fidelity’s FBTC is in third place with a 17.2% share of the market.The U.S. spot bitcoin ETFs combined registered a record net outflow of $326.
Spot bitcoin ETF flows have been a major driver for bitcoin’s price action since their launch, according to GSR research analyst Brian Rudick.
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