In March, trading volume for spot Bitcoin exchange-traded funds surged to $111 billion, nearly tripling the volume seen in February. Grayscale and BlackRock ETFs dominated this market, with BlackRock's IBIT leading in trading volume followed by Grayscale's GBTC and Fidelity's FBTC.

The strong performance in March reflects increasing interest in spot Bitcoin ETFs, particularly as BlackRock's IBIT surpassed GBTC in market share. However, on April 1, there were net outflows totaling $86 million across spot Bitcoin ETFs, with Grayscale experiencing significant outflows of $302.6 million. BlackRock's IBIT had inflows of $165.9 million, while Fidelity's FBTC saw inflows of $44 million.

Despite this, both BlackRock and Fidelity's spot Bitcoin ETFs have seen success, reaching approximately $18 billion and $10 billion, respectively, in assets under management. On the other hand, Grayscale's GBTC has experienced over $15 billion in total outflows, with assets under management dropping by 46% to $22 million.

The introduction of spot Bitcoin ETFs has had a significant impact on the BTC markets, contributing to new all-time highs in March, with market participants anticipating a unique cycle combining the success of these ETFs with the upcoming Bitcoin supply halving, which is less than 20 days away.