BlackRock, Fidelity Spot Bitcoin ETFs Close in on Grayscale ETFs

After the landmark approval of Spot Bitcoin ETFs in early January, the new products have performed very well thus far. In particular, Grayscale’s Bitcoin ETF has dominated the field in terms of daily trading volume. However, for some time this week, BlackRock and Fidelity’s Bitcoin ETFs were closing in on Grayscale in terms of DTV.

As the market closed on Tuesday, BlackRock and Fidelity had generated $383 million and $288 million in trading volume, respectively, according to data from Yahoo Finance. Grayscale remained in first place again with $396 million. During the first hours of trading, however, BlackRock and Fidelity both led Grayscale in terms of daily volume.

Also Read: Harvest Files First Spot Bitcoin ETF Application in Hong Kong

The three Bitcoin ETFs have dominated over three-quarters of the trading volume of the product since it was approved. Others, such as spot bitcoin ETFs offered by Invesco and Galaxy, Franklin Templeton, and Ark Invest have trailed far behind the three leaders.

According to Bloomberg Bitcoin ETF analyst James Seyffart, the total trading volume for all of the active spot Bitcoin ETFs is nearing $27 billion. The total daily trading volume for Tuesday was about $1.2 billion, according to Yahoo Finance. This is an extremely positive note for those in the digital asset industry, as it shows that interest in Bitcoin and other assets is growing.