U.S. spot Bitcoin exchange-traded funds have surpassed $750 billion in cumulative trading volume — just over a year after their debut in January 2024.
Spot Bitcoin ETF cumulative trading volume grew swiftly after launch, reaching the $100 billion mark by March 2024 and $200 billion by April as bitcoin rose to reach new all-time highs of nearly $74,000.
However, the trading volume trajectory then slowed slightly amid a cooling-off phase for the crypto market that saw bitcoin consolidate in a range between $50,000 and $70,000 for the next seven months. Bitcoin finally broke out of that range to reach new all-time highs again following pro-crypto Donald Trump’s U.S. presidential election victory on Nov. 6, with the spot Bitcoin ETFs surpassing the $500 billion cumulative volume milestone a week later.
By the close of trading on Thursday, the U.S. spot Bitcoin ETFs had reached a cumulative volume of $753.2 billion, according to The Block’s data dashboard. While the metric is up only in nature, it still represents a significant milestone for the new bitcoin funds, competing against some of the largest and most established ETF products in the world, including the Vanguard S&P 500 ETF (VOO) and the Invesco QQQ Trust (QQQ) Nasdaq-100 Index.
Meanwhile, the U.S. spot Ethereum ETFs, launched in July 2024, have generated a cumulative trading volume of $55.5 billion so far.
BlackRock's IBIT continues to dominate the U.S. spot Bitcoin ETF market by trading volume. IBIT has grown from around a 25% market share at launch, with Grayscale's converted GBTC fund initially carrying an advantage over the newly launched products, to over 75% as of Feb. 20, per The Block's data dashboard.
The spot bitcoin ETFs now account for over $112 billion in assets under management, according to The Block’s Bitcoin ETF Tracker Page, again led by BlackRock’s IBIT with $56 billion in AUM.
In terms of flows, the spot Bitcoin ETFs have now added a cumulative $39.8 billion since last year's launch, according to data compiled by The Block. However, they have had a tougher time of late, witnessing $886 million in net outflows this month, including $365 million on Thursday alone, amid bitcoin's price slide.
While spot Ethereum ETFs have only added a total of $3.2 billion since launch, they have fared better than their bitcoin counterparts this month, attracting $404 million in net inflows.
"Bitcoin’s ETF outflows continue to escalate, with another $365 million in redemptions yesterday, while Ethereum saw more modest outflows of $13 million. This divergence in institutional flows suggests a potential reversal once market sentiment improves," BRN analyst Valentin Fournier told The Block. "Despite muted trading volumes and volatility, the broader market is steadily building positive momentum. Bitcoin has broken out of its $94K–$98K range, and with institutional outflows pausing over the weekend, the market could see further upside."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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