Day two of spot bitcoin ETF trading tops $3.1 billion as Grayscale and BlackRock lead

Day two of trading for spot bitcoin ETFs proved to be another successful day, with a total volume of $3.1 billion. This follows the impressive $4.6 billion in volume seen on Thursday, bringing the cumulative total to nearly $7.7 billion. Notably, BlackRock emerged as a key player in the market, leading the way with $564 million traded on Friday, while Fidelity saw $431 million in volume. Grayscale’s product, a conversion of its GBTC fund, remained the most active spot bitcoin ETF, with a total volume of $1.8 billion on Friday. Despite initial speculation of outflows, Bloomberg analysts revised their findings to show that Grayscale’s ETF only shed $95 million on Thursday. This was seen as a tremendous success within the industry. On the first day of trading, Bitwise led all competitors with the highest number of inflows, attracting a total of $238 million. The overall sentiment surrounding spot bitcoin ETF trading has been positive, with market participants viewing it as a step towards legitimizing the cryptocurrency market and generating increased interest. Additionally, factors such as improved investor accessibility to bitcoin and the decreasing supply post-halving are expected to contribute to a continued upward trend in the crypto market. On Friday, Bitcoin’s price experienced a decline, falling 5.2% to $43,765 at 4:07 p.m. ET.