Bitcoin ETFs Triple Total Monthly Volume To $111 Billion In March
Bitcoin spot ETFs saw record monthly volume in March, tripling numbers from the previous two months with a whopping $111 billion traded.
The funds collectively traded ~$42 billion in February, and ~$25 billion in January, when they first went live. Since that time, Blackrock’s iShares Bitcoin Trust (IBIT) has overtaken the Grayscale Bitcoin Trust (GBTC) as the leading Bitcoin ETF for daily volume.
“I can’t imagine April will be bigger but who knows,” wrote Bloomberg ETF analyst Eric Balchunas to Twitter on Tuesday.
“While all of the ETFs won in terms of being profitable hits, $IBIT won the volume race and is officially the $GLD of bitcoin,” he continued. “It’s basically a wrap.”
MARCH MADNESS: Bitcoin ETFs traded $111b in March, which is just about triple what they did in Feb and Jan. I added the months where only GBTC was on market for further context. I can't imagine April will be bigger but who knows.. pic.twitter.com/AJEE0mPmpW
— Eric Balchunas (@EricBalchunas) April 2, 2024
Gold ETFs like GLD have suffered substantial outflows versus Bitcoin ETFs over the past several months – the latter of which have already absorbed $12 billion in net inflows as of April 1. That said, GLD surpassed IBIT in volume on Monday amid a net outflow day for Bitcoin funds overall, and a recent rally to new highs above $2,250 for gold overall.
BlackRock’s Bitcoin ETF experienced greater inflows than any other ETF in history within its first 30 days on the market. It absorbed $7.2 billion within that time, and $17.6 billion of assets today.
The ETF also ranked among some of the best-traded ETFs on certain days last month. On March 4, for instance, its volume topped $1.9 billion, ranking 6th under funds like BlackRock’s US Treasury bond ETF and the
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