After several days in a row of dominance, BlackRock and Fidelity spot bitcoin ETFs appeared on track to surpass Grayscale's fund in terms of daily volume for the first time since the products began trading more than two weeks ago.

Grayscale's fund, a conversion rather than a brand new product, has shed billions of dollars after starting with more than $25 billion in assets under management. In terms of total trading volume — buying and selling — the BlackRock and Fidelity new spot bitcoin ETFs have been ranking second and third behind Grayscale.

As of 1:15 p.m. ET on Tuesday, BlackRock and Fidelity had generated, according to Yahoo Finance data compiled by The Block, $250 million and $207 million in trading volume, respectively. Grayscale ranked third about halfway through the day with …