In just three days, spot bitcoin ETFs from Grayscale, BlackRock, and Fidelity have captured approximately 90% of the market, totaling $1.6 billion of the $1.8 billion in trading volume. Despite a decrease from the $4.6 billion on the first day, cumulative volume has reached over $9.5 billion. Grayscale's ETF, a conversion of its GBTC fund, saw significant outflows, losing over $500 million. In contrast, BlackRock and Fidelity's funds have witnessed over $400 million in inflows, with BlackRock's ETF poised to become the new liquidity leader.
