BlackRock and Fidelity spot bitcoin ETFs close in on Grayscale in daily trading volume

Crypto MARKET_WATCH

After several days in a row of dominance, it appeared for a time on Tuesday that BlackRock and Fidelity spot bitcoin ETFs might surpass Grayscale's fund in terms of daily volume for the first time since the products began trading more than two weeks ago.

Grayscale's fund, a conversion rather than a brand new product, has shed billions of dollars after starting with more than $25 billion in assets under management. In terms of total trading volume — buying and selling — the BlackRock and Fidelity new spot bitcoin ETFs have been ranking second and third behind Grayscale.

As market close on Tuesday, BlackRock and Fidelity had generated, according to Yahoo Finance data compiled by The Block, $383 million and $288 million in trading volume, respectively. Grayscale ranked first again with $396 million.

Around the midway point on Tuesday, BlackRock and Fidelity both led Grayscale in terms of daily volume.

Since trading began this month, the three issuers have dominated total trading volume, accounting for, at times, about 90% of all buying and selling activity. Other spot bitcoin ETFs like those offered by Invesco and Galaxy, Franklin Templeton and Ark Invest have trailed far behind the top three.

Total daily trading volume for Tuesday was about $1.2 billion, according to Yahoo Finance data compiled by The Block.

So far, Grayscale's ETF has lost more than $5 billion in assets under management, according to Bloomberg Intelligence ETF analyst James Seyffart. Both BlackRock and Fidelity's products are net positive by more than $2 billion.

Total spot bitcoin ETF volume nears $27 billion

In what may be an effort to gain a competitive edge, Invesco and Galaxy Asset Management on Monday announced in a filing that the firms intend to cut their fund's fee from 0.39% to to 0.25%, which will put them on par with most rivals.

Total trading volume for all of the active spot bitcoin ETFs is nearing $27 billion, also according to Seyffart's post on Tuesday. Many market watchers and crypto enthusiasts have heralded the billions of dollars of money flowing into the new ETFs as a positive development for digital assets.

Source : The Block / Jan 30, 2024

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.