Cumulative Spot Bitcoin ETF Volume Exceeds $11B

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According to data compiled by Yahoo! Finance, the total trading volume of 11 newly launched spot bitcoin ETFs has exceeded $11.1 billion as of their fourth day of trading on Wednesday.

From this cumulative volume, Grayscale, BlackRock, and Fidelity account for over 90% of the total trading activity.

The daily volume has decreased to $1.5 billion on Wednesday from $1.8 billion on Tuesday, and pales in comparison to the $3 billion volume seen last Friday and the $4.6 billion on the first day of trading.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, reported that BlackRock and Fidelity’s spot bitcoin ETFs led the way in terms of new capital flowing into all 11 crypto-based instruments currently trading on various exchanges.

Each fund has gathered over $400 million in inflows. Douglas Comin, Senior Trader at XBTO, shared that while the development of ETFs is positive for the long-term growth of crypto as an asset class, it may also attract short-term traders looking for quick gains.