Top Three Companies Command 90% of the Bitcoin ETF Market, Who Are They?
In the new era of Bitcoin exchange-traded funds (ETFs), the top three contenders, namely Grayscale, BlackRock, and Fidelity, have quickly established dominance, capturing nearly 90% of the market within the first three days of trading.
Amid the emergence of 11 spot Bitcoin ETFs, these three funds have outshone others, accumulating approximately $1.6 billion of the total $1.8 billion trading volume by the close of Tuesday, according to data from Yahoo Finance.
While Grayscale initially led in trading volume, its ETF, a conversion of its flagship GBTC fund, faced significant outflows exceeding $500 million since its debut last week, reported Bloomberg Intelligence senior ETF analyst Eric Balchunas.
On the other hand, BlackRock’s ETF, termed the potential “Liquidity King” by Balchunas, and Fidelity’s funds have experienced inflows surpassing $400 million collectively.
Despite Tuesday’s trading volume falling below the remarkable $3.1 billion seen on Friday, the cumulative trading activity for the new funds remains robust, reaching over $9.5 billion in the first three days.
As the competition intensifies, BlackRock emerges as a big contender in the Bitcoin ETF arena, poised to potentially surpass Grayscale in liquidity.
The dynamics of these top-performing ETFs are shaping the narrative of Bitcoin investments and hint at the shifting preferences within the market.
