Crypto News– After several consecutive days of dominance, Tuesday saw a potential shift in the balance of power as BlackRock and Fidelity’s spot bitcoin ETFs threatened to surpass Grayscale’s fund in daily trading volume for the first time since their debut over two weeks ago.
Bitcoin ETFs from BlackRock and Fidelity Gain Traction
Grayscale’s fund, while not a new product but a conversion, has witnessed a significant decrease in assets, shedding billions of dollars from its initial $25 billion under management. Despite this, it has maintained its lead in total trading volume, with the BlackRock and Fidelity ETFs trailing closely behind.
By the market close on Tuesday, BlackRock and Fidelity had amassed $383 million and $288 million, respectively, in trading volume according to data from Yahoo Finance compiled by The Block. Grayscale reclaimed the top spot with $396 million in volume.
At one point during Tuesday’s trading session, both BlackRock and Fidelity had surpassed Grayscale in terms of daily volume.
Since their launch earlier this month, these three issuers have commanded the lion’s share of trading activity, at times accounting for approximately 90% of all buying and selling. Other spot bitcoin ETFs, such as those offered by Invesco, Galaxy, Franklin Templeton, and Ark Invest, have trailed significantly behind the top three.
In total, Tuesday witnessed approximately $1.2 billion in daily trading volume, as per Yahoo Finance data compiled by The Block.