United States Spot Bitcoin Exchange-Traded Fund (ETF) Market Records Third Lowest Daily Trading Volume After February

The United States spot Bitcoin exchange-traded fund (ETF) market recorded a daily trading volume of $779.87 million on Monday.

United States spot Bitcoin exchange-traded fund (ETF) market recorded a daily trading volume of 779.87 million dollars on Monday.

According to SoSoValue analytical data, this decrease in daily trading volume is the third lowest volume after the records of February 5 and 6, which were $649.17 million and $692.11 million, respectively.

Low volume of Bitcoin ETF transactions

Yesterday's record was $61.98 million inflows into spot bitcoin ETFs, the highest since August 8. However, daily trading volume fell from its usual range of above $1 billion.

Last week, this financial product registered a trading volume between $1.18 billion and $1.79 billion. Interestingly, the Spot Bitcoin ETF saw a very high daily trading volume of over $5 billion earlier this month. This increase took place in the midst of a sudden drop in the price of leading digital currency.

SOFA.org Insights Officer Augustine Fenn highlighted a possible driver behind the latest decline in US Bitcoin ETF trading volume, stating:

Trading volume is expected to be light as market sentiment remains low since the heavy sell-off a few weeks ago. It's also worth noting that the summer vacation and easing concerns about an impending recession with recent data have kept investors waiting for more signals at the Federal Reserve's Jackson Hole meeting later this week.

IBIT Blackrock is leading with more than 450 million dollars

IBIT BlackRock led the daily trading volume with $450.53 million. Its take on Monday was $92.68 million, the highest among a bunch of similar products. FBTC Fillity lagged behind BlackRock with a daily trading volume of $134.51 million and inflows of $3.87 million.

Both Bitcoin ETFs were the only ETFs to see record entries. Their leading positions are partly linked to several prominent industry leaders opening their doors to clients to invest in IBIT or FBTC. Others have extended their tentacles to other spot bitcoin ETFs.

Meanwhile, BITB Bitwise saw an outflow of $25.7 million, the highest outflow on record yesterday. Inosco's BTCO recorded an outflow of $8.84 million.

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