U.S. Bitcoin ETFs opened for trading with strong momentum, recording billion-dollar trading volumes just minutes after the market opened.
Interestingly, a report suggested that total spot Bitcoin ETF volume surpassed $1 billion within just ten minutes of trading. Meanwhile, at press time, updated data from SoSoValue indicates that daily turnover has already exceeded $2.6 billion—less than two hours after the market opened.
Why This Strong Opening Matters
This massive early trading volume is particularly significant considering the extraordinary losses the crypto market experienced from Friday night into the weekend. Specifically, traders lost over $19 billion through liquidations, while some crypto assets saw catastrophic losses exceeding 90% within minutes.
During this market bloodbath, financial markets were closed, and Bitcoin ETFs recorded only a modest outflow of $4.5 million. Interestingly, at the close of the market, Bitcoin was at $116,661. However, BTC’s price later tanked to $102,000 in one sharp drop before rebounding to around $112,000, where it remained for most of the weekend.
As of today, market conditions have significantly improved. Bitcoin approached $116,000 earlier in the day before settling just under $114,500 at press time.
Amid these improved conditions, Bitcoin ETFs are posting substantial volumes, suggesting that the day could end with new BTC acquisitions by the ETFs.
Inflows to Bitcoin ETFs
Notably, on Friday, Bitwise, Grayscale, Fidelity, Ark & and 21Shares sold Bitcoin worth $37.45 million, $24.8 million, $10.28 million, and $6.21 million, respectively. On the other hand, BlackRock’s Bitcoin ETF bought $74.21 million worth of BTC by the close of business.
This single inflow from BlackRock helped mitigate the overall ETF sell-off effect to just $4.5 million.
BlackRock Maintains Landslide Lead
Today, BlackRock is once again leading in trading activities. At press time, BlackRock’s Bitcoin ETF volume alone has surpassed $2 billion. The second-largest volume among competitors is just over 10% of BlackRock’s figure.
Specifically, Fidelity’s FBTC has seen only $261 million in turnover at press time, followed by Grayscale with $202 million. Other asset managers like Ark & 21Shares, Bitwise, and VanEck trail far behind, with volumes under $100 million.
Interestingly, asset managers Valkyrie and WisdomTree have a combined volume below $10 million at press time.
Last week, BlackRock’s IBIT recorded its largest single-day ETF trading volume ever, with $7.02 billion in value traded. The asset manager holds over $93 billion in Bitcoin, amounting to more than 804,000 BTC tokens.
These figures further cement BlackRock’s position as the most dominant Bitcoin ETF player. For context, its closest competitor, Fidelity, holds only around 207,000 BTC, worth approximately $23 billion.
Given BlackRock’s enormous presence in the Bitcoin ETF market, the crypto industry eagerly anticipates its participation in the broader altcoin ETF space. However, the asset manager has shown no interest in pursuing other crypto ETFs beyond Bitcoin and Ethereum.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.