Cumulative trading volume for the new spot Bitcoin exchange-traded funds reached more than $50 billion on Thursday, six weeks after the Securities and Exchange Commission gave ETFs from BlackRock, Fidelity and Bitwise, among others, the green light.

Spot Bitcoin ETF cumulative volumes increased from $28.3 billion at the start of the month to $50.5 billion by the close of trading yesterday, boosted by a multi-week high trading volume of more than $2.5 billion on Tuesday, according to The Block’s data dashboard.

Thursday’s spot Bitcoin ETF trading volume came in at $1.2 billion, led by BlackRock’s IBIT on $457.2 million, followed by Grayscale’s GBTC and Fidelity’s FBTC on $348.8 million and $255.7 million, respectively.

Grayscale’s higher fee GBTC fund has been gradually squeezed for …