Spot bitcoin ETFs got off to an active second day of trading on Friday, with cumulative volume quickly surpassing $5 billion as the price of the world's largest cryptocurrency by market capitalization dipped below $45,000. 

In their first day of trading, the spot bitcoin ETFs generated nearly $4.6 billion in buying and selling. Day two of trading has seen $905 million of activity, according to Yahoo Finance data compiled by The Block.

"By all metrics: volume, number of trades, flows, media coverage, it was [a] smashing success, historical," Bloomberg Intelligence senior ETF analyst Eric Balchunas posted Friday morning in reference to day one of trading. "And that was despite limited platform availability."

BlackRock in the lead

BlackRock's brand new spot bitcoin ETF led all other freshly launched crypto-based products on Thursday with just over $1 billion in trading. Balchunas ranked BlackRock's fund as one of the top 25 day one performers in ETF history.

Although Grayscale led the funds in the category on Thursday with $2.3 billion of volume, the institution's fund is being viewed differently as it is a conversion of its flagship GBTC fund. Early on Friday, Grayscale again led all spot bitcoin ETFs in day two volume with $470 million as of 10:34 a.m. ET.

BlackRock ranked second early Friday with $212 million.

Another spot bitcoin fund may have led in the important metric inflows on Thursday, however, with Bitwise's product seeing $238 million in fresh capital flowing into its fund, according to preliminary Bloomberg data.

The data suggests that after Bitwise, Fidelity placed second, recording $227 million of inflows with BlackRock netting $111 million. However, this data is subject to change, and these figures could increase.