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- According to James Seyffart, the newly launched spot Bitcoin ETFs are growing significantly in volume and liquidity.
- Seyffart showed that BlackRock and other ETFs are gradually catching up with Grayscale.
- BlackRock recorded a daily volume of $480.8 million on January 26.
According to James Seyffart, a Research Analyst with Bloomberg, the newly launched spot Bitcoin ETFs are growing significantly in volume and liquidity. In a recent post on X (formerly Twitter), Seyffart showed that BlackRock’s IBIT and other ETFs are gradually catching up with Grayscale’s GBTC.
Obviously don't have flows and full Volume numbers arent in yet for the #Bitcoin ETFs, but today was a big day for BlackRock's $IBIT. Typically $GBTC is the far and away liquidity leader. Still the leader today but these other ETFs are catching up — particularly $IBIT. pic.twitter.com/BIWE54PlxK— James Seyffart (@JSeyff) January 26, 2024
As shown in a screenshot shared by Seyffart, BlackRock recorded a daily volume of $480.8 million on January 26. That marked a significant growth in the product’s liquidity inflow, reflecting a notable comparison with the ever-impressive GBTC. On the same day, Grayscale’s GBTC recorded $649 million in trading volume.
Seyffart considers the performance of the newly launched spot Bitcoin ETFs impressive, even though the flows and total volume numbers are not in yet. According to him, the smaller ETFs have performed well and are catching up with the renowned leader, Grayscale’s GBTC.
The data shared by Seyffart shows that apart from BrackRock’s IBIT, the other ETF products are also growing significantly. For the day under review, Fidelity’s FBTC attracted a daily volume of #333.9 million, while Ark and Bitwise recorded $100.4 million and $64.3 million daily volumes, respectively.
Cumulatively, the total volume of all the listed spot Bitcoin ETFs eleven days to Seyffart’s post was approximately $24.36 billion. Excluding GBTC, all other ETFs recorded a total volume of about $11.74 billion. The research expert also showed that the 10-day flow for GBTC was approximately $744 million, while that of the remaining products was a significant $5.53 billion.
Considering the recorded metrics and recent performance, Seyffart believes the ETF sector is experiencing significant growth. He also thinks the growth is not lopsided but spreads across the multiple ETF products.
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