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The cumulative trading volume for the 11 spot bitcoin ETFs soared past $11.1 billion on Wednesday, marking their fourth day of trading.
This data, sourced from Yahoo Finance and compiled by The Block, sheds light on the remarkable traction these ETFs are gaining in the market. Grayscale, BlackRock, and Fidelity assert dominance, collectively contributing to over 90% of its total trading volume.
Decline in Daily Volume
Despite the overall success, daily trading volume experienced a dip, settling at $1.5 billion on Wednesday. According to The Block, this marks a decrease from Tuesday's figure, where the total volume for the newly introduced products stood at $1.8 billion.
Notably, both trading days this week fall significantly below the high of $3 billion witnessed last Friday and the robust $4.6 billion recorded on the initial trading day.
BlackRock and Fidelity Lead in Fresh Capital Inflows
According to insights from Bloomberg Intelligence senior ETF analyst Eric Balchunas, BlackRock and Fidelity's spot bitcoin ETFs took the lead in attracting fresh capital among the 11 crypto-based instruments trading across various exchanges. These two funds managed to secure inflows exceeding $400 million, underscoring the investor interest and confidence in these offerings.
Short-Term Dip in Bitcoin Price
Meanwhile, as the ETFs commenced trading, the price of bitcoin experienced a dip below $43,000, falling from the previous week's peak of over $48,000. On Wednesday, it declined by 1.4%, settling at $42,602.
According to Crypto Slate, analysts believe this short-term fluctuation is influenced by the recent hype and the influx of short-term traders seeking rapid gains.
Despite this, experts anticipate that the ETF development will positively position BTC as an asset class, attracting millions of investors and potentially making its mark in 401(k) portfolios in the medium to long term. XBTO Senior Trader Douglas Comin acknowledges this positive trajectory but emphasizes the need for patience as inflows gradually build.
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