Bitcoin ETF Trading Volumes Tripled in March as the Largest Cryptocurrency Hit Record Highs
Bitcoin exchange-traded funds (ETFs) listed in the U.S. saw over $110 billion in trading volume in March, three times higher than January and February combined. This surge coincided with bitcoin reaching record highs. BlackRock's IBIT led the trading, accounting for nearly 50% of the total volume, followed by Grayscale's GBTC with 20% and Fidelity's FBTC with 17%. The U.S. bitcoin ETFs were approved by the Securities and Exchange Commission in January and began trading on January 12. Since then, bitcoin's value has risen from around $45,000 to a record $73,000. BlackRock's volumes have been driven by inflows since March 15, and it held over $16 billion worth of bitcoin as of the end of Tuesday. A significant portion of BlackRock's volumes come from retail investors, with an average trading size of $13,000.
