On Friday, as bitcoin’s valuation soared, BlackRock’s direct bitcoin ETF took the lead in the market, on track to accumulate over $2 billion in managed assets, overshadowing its peers in the nascent spot bitcoin ETF sector.

Witnessing a 5% climb on Friday and surging past the $42,000 mark for the initial occasion in over a week, bitcoin’s value escalation is noted on The Block’s Price Page. Assuming a consistent asset base with no outflows for Friday, the 49,952 bitcoins held by the fund as of January 25th are thus estimated at a worth exceeding $2 billion, marking this ETF from BlackRock the premier amongst fresh spot bitcoin ETFs to realize such a milestone.

In comparison, the Grayscale spot bitcoin ETF is managing roughly $20 billion in assets, based on a tweet from a Bloomberg Intelligence analyst, although this is a transformation of their primary fund, GBTC.

According to Bloomberg Intelligence’s James Seyffart’s twitter post, the asset value for the bitcoin ETF has increased beyond $2 billion, and with potential new inflows today, the value is expected to remain above the $2 billion mark at the day’s end.

Spot bitcoin ETF trading volumes have exceeded an impressive $22 billion following their availability to investors earlier this month, as deduced from data provided by Yahoo Finance and collected by The Block.

Market Dynamics: AUM Rising Amid Declining Volumes

The leading trio in spot bitcoin ETF trade volume comprises offerings from Grayscale, BlackRock, and Fidelity, with the latter nearly matching the $2 billion AUM mark. Ark Invest’s and Bitwise’s launches are also noteworthy, each handling assets surpassing $500 million.

However, after a first-day trading frenzy hitting $2.3 billion, recent periods show a deceleration in volume, as illuminated by Yahoo Finance statistics aggregated by The Block.

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