NEW YORK, January 16, 2024 – On the third day of trading, the leading spot bitcoin ETFs have clearly distinguished themselves from the rest of the market, with Grayscale, BlackRock, and Fidelity capturing nearly 90% of the trading volume. The surge in these three funds highlights their dominant position among the 11 newly approved spot bitcoin ETFs, which began trading last week following regulatory approval.

By the close of trading on Tuesday, Grayscale, BlackRock, and Fidelity had collectively generated approximately $1.6 billion of the total $1.8 billion in trading volume, according to data compiled by Yahoo Finance and reported by The Block. This figure underscores their commanding presence in the market, although trading volume has tapered off compared to earlier in the week. The first day of trading saw a robust $4.6 billion in volume, which then decreased to $3.1 billion by Friday. The decline continued into the third day, with Tuesday's total falling to $1.8 billion.

Despite Grayscale’s leading position in terms of volume, the firm has faced substantial outflows. Its ETF, which is a conversion of the well-known GBTC fund, has experienced significant withdrawals exceeding $500 million since its debut, as reported by Bloomberg Intelligence senior ETF analyst Eric Balchunas. Balchunas also noted that BlackRock's ETF is emerging as a strong contender to surpass Grayscale, potentially becoming the “Liquidity King” of the market. In contrast, BlackRock and Fidelity’s ETFs have seen inflows surpassing $400 million each since their launch.

Overall, the trading activity for these new spot bitcoin ETFs has been robust, with cumulative volume surpassing $9.5 billion over the first three days. Balchunas observed that the pattern of trading volume drop-off mirrors that of , which was noted as one of the most successful organic ETF launches in history. Despite the early fluctuations, the strong performance of these leading funds indicates a solid foundation for the evolving market for bitcoin ETFs.