Spot Bitcoin ETFs registered their busiest day since approval, crossing a staggering $10 billion in trading volume as Bitcoin’s run to a new all-time high turned into a correction.
BlackRock’s IBIT ETF was the fourth most traded ETF among the ten, reaching a trading volume of $3.8 billion.
Bitcoin ETFs Shatter $10 Billion Record
Bitcoin surged to a new all-time high, rising to a record $69,325 to best its previous peak on the back of considerable volatility fueled by demand from spot Bitcoin ETFs. However, the joy was short-lived as the surge turned into a bloodbath, with BTC dropping over 10% in a matter of hours. This led to the ten spot Bitcoin ETFs top $10 billion in trading volume during the session, comfortably breaking last week’s daily record.
According to data compiled by Eric Balchunas, ETF analyst at Bloomberg Intelligence, Fidelity’s FBTC, BlackRock’s IBIT, Bitwise’s BITB, and ARKB, co-managed by Ark Invest and 21Shares, broke their personal trading volume records. Balchunas stated that BlackRock’s IBIT was the fourth most traded ETF, reaching a trading volume of $3.8 billion. However, Bitcoin analyst Alessandro Ottaviani posted a slightly lower trading volume of $9.58 billion, still significantly higher than the previous record of $7.7 billion.
“MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing the previous record set last Wed.. Volatility and volume go hand in hand with ETFs, so not totally surprised. That said, these are banana numbers for ETfs under 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days.”
BlackRock’s IBIT Joins $10 Billion Club
BlackRock became the first spot Bitcoin ETF issuer to reach $10 billion in assets thanks to its surging BlackRock IBIT ETF. BlackRock joins an exclusive list of only 152 ETFs that have topped $10 billion, taking only seven weeks to reach the figure.
“$IBIT the newest member of the $10 Billion club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400), including $GBTC. First, $10b, so touch bc so much has to come from flows (in $IBITs case, 78% of aum is flows). Second, $10b easier bc mkt appreciation bigger variable.”
BlackRock’s iShares Bitcoin ETF is among the best-performing ETFs, attracting significant inflows and record trading volume. At the end of last week, Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) had $6.5 billion in assets, while Ark 21Shares Bitcoin ETF (ARKB) had around $2.2 billion, with Bitwise Bitcoin ETF (BITB), registering $1.6 billion.
“BlackRock offices (are) definitely) buzzing about this. Any issuer (would with) a blockbuster hit of this magnitude. That said, they have 415 other ETFs and have to keep focus spread around.”
Bitcoin’s Incredible Run And Volatility
Bitcoin saw significant price swings over the course of the trading day, hitting a new all-time high at around 3:00 PM UTC. However, it registered a significant drop over the next few hours as the price corrected, falling to $60,860. IBIT and FBTC also registered around 8.5%, with other spot Bitcoin ETFs also registering similar price drops.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
