U.S. spot Bitcoin exchange-traded funds (ETFs) surpassed $500 billion in total trading volume on Wednesday, marking a significant milestone less than a year after their launch in January.

US Spot Bitcoin ETFs Reach $500 Billion in Trading Volume Less Than a Year After Launch

Spot Bitcoin ETFs have been gaining momentum rapidly, reaching $100 billion in trading volume in March and $200 billion in April, with Bitcoin climbing to new record highs around $74,000 earlier this year.

Despite a cooling period during which Bitcoin traded in the $50,000-$70,000 range, volume rose again after Donald Trump won the pro-crypto US presidential election in November.

As of the close of trading yesterday, the cumulative volume of US spot Bitcoin ETFs reached $505.4 billion.

This increase places these new Bitcoin funds among the largest ETFs globally, competing with established giants such as the Vanguard S&P 500 ETF (VOO) and the Invesco QQQ Trust (QQQ) Nasdaq-100 Index.

Wednesday’s activity saw U.S. spot Bitcoin ETFs generate $7.9 billion in trading volume, the fourth-highest daily total since launch.

BlackRock’s IBIT led the way with a record $5.2 billion in trading volume, followed by Fidelity’s FBTC with $1.2 billion and Grayscale’s GBTC with $670 million.

“IBIT saw $5 billion in volume for the first time today,” commented Bloomberg Senior ETF Analyst Eric Balchunas, noting IBIT’s rapid rise to dominate 67% of the spot Bitcoin ETF market.

Bitcoin is currently trading at $91,400 and at one point on Wednesday it had climbed above $93,000. The leading cryptocurrency is up 3.4% in the past 24 hours, more than 20% in the past week and 115% year-to-date.

*This is not investment advice.

Continue Reading: US Spot Bitcoin ETF Trading Volumes Break Record! Critical Level Exceeded!