Spot bitcoin ETFs continued to live up to the hype in a second day of trading, with total volume of $3.1 billion. That's compared to the $4.6 billion of volume seen Thursday for a cumulative total of nearly $7.7 billion. 

Among issuers of new spot bitcoin funds, BlackRock led the way with $564 million traded on Friday, while Fidelity saw $431 million of volume. That's according to data from Yahoo Finance compiled by The Block.

Earlier in the day, BlackRock CEO Larry Fink compared bitcoin to perhaps the most traditional of all assets. "It’s no different than what gold represented over thousands of years," he said. "Unlike gold, we’re almost at the ceiling of the amount of bitcoin that can be created.”

Grayscale's product, which is not new, but rather a conversion of its flagship …