Quick Take
According to Bloomberg ETF analyst Eric Blachunas, during the first three trading days of the newly launched Bitcoin ETFs, almost $10 billion was traded, dwarfing the activity of other ETFs launched in 2023. The total trading volume for all 500 ETFs launched in 2023 combined was a mere $450 million, according to Balchunas.
Balchunas goes on to say that even the most successful of these ETFs had a daily trading volume of just $45 million, a figure that pales compared to the Bitcoin ETFs. $IBIT, one of the Bitcoin ETFs, witnessed more trading activity than the entire ‘Freshman Class’ 2023 ETFs.
Blachunas further observed that half of these new ETFs struggled to cross a million in daily volume, underscoring the difficulties in generating volume, mainly because it cannot be artificially created and must form naturally in the marketplace.
Grayscale has recorded a substantial amount of the trading volume exceeding $5 billion. In comparison, BlackRock’s iShares has registered a volume just shy of $2 billion, and Fidelity’s ETF has observed a trading volume of $1.5 billion.
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