[NEWS] Bitcoin spot ETF trading volume reaches 190 billion yen; BlackRock takes the lead

Eric Balchunas, a senior ETF analyst at Bloomberg, published provisional data on X (formerly Twitter) on the 13th that Bitcoin spot ETF trading volume reached $1.3 billion.

In terms of inflows, BlackRock's iShares Bitcoin Trust (IBIT) reached nearly $500 million in two days. It is currently the leader among Bitcoin spot ETFs. In addition to lowering its fees to 0.2%, BlackRock's reliability as an asset management company has surpassed other companies.

In second place was Fidelity, with an inflow of $422 million, and Bitwise came in third with $237 million.

BlackRock recorded a volume of over $1 billion on the first day of trading, the second largest in history for an ETF. According to the Wall Street Journal, preliminary data shows that Bitcoin spot ETFs are off to a good start.

Meanwhile, Grayscale's Grayscale Bitcoin Trust (GBTC) saw an outflow of about $600 million. GBTC was previously operated as a Bitcoin mutual fund, but it was converted into an ETF, and its fees are set at 1.5%.

Price war on trading fees

Even after Bitcoin spot ETFs began trading, there are moves to set lower fees than others to gain an advantage.

In data released on the 12th, Balchunas said that Bitwise was the winner of the "first day of the Cointucky Derby" with an inflow of about $238 million.

The company said it would set the management fee for the Bitcoin spot ETF at 0% for the first six months, then raise it to 0.2%. CEO Matt Hougan said, "BITB combines very low fees with Bitwise's crypto expertise, and that seems to be resonating in the market."

Franklin announced on the 12th that it had reduced its fees from 0.29% to 0.19%, making it the lowest fee. It also said it would waive fees until assets under management reach $10 billion. According to Balchunas' post, Franklin's first day inflow was just over $50 million (about 7.3 billion yen).

Reference:Balchunas X
Image: Shutterstock

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