BlackRock’s Bitcoin Spot ETF experiences a record-breaking day with a trading volume of $1.3 billion, pushing the total ETF market to surpass $2.4 billion for the first time since its inception.
More than 42 million shares of the iShares Bitcoin Trust (IBIT) were traded, totaling approximately $1.3 billion for a record-breaking day.
Bitcoin benefits from this surge, surpassing $54,500 for the first time since December 2021.
Bitcoin Spot ETFs (excluding GBTC) recorded a record $2.4 billion in transaction volumes.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
On Monday, BlackRock’s Bitcoin ETF reached unprecedented highs in terms of trading volume, marking a significant milestone for the cryptocurrency-linked financial product. More than 42 million shares of the iShares Bitcoin Trust (IBIT) were traded, representing about $1.3 billion, surpassing the previous record set at its launch.
Growing interest in Bitcoin ETFs
This impressive performance of IBIT reflects sustained interest in Bitcoin ETFs, despite increased competition in the field. Eric Balchunas, an analyst at Bloomberg Intelligence, described Monday’s trading volumes as “insane numbers” for a recently launched ETF, highlighting investors’ persistent attraction to these investment vehicles.
Records across the board
BlackRock’s Bitcoin ETF is not the only one to have experienced an exceptional day. All nine Bitcoin Spot funds in the United States saw their trading volumes reach a record $2.4 billion on the same day. With nearly $7 billion in assets, IBIT ranks as the largest Bitcoin spot ETF, just behind the Grayscale Bitcoin Trust ETF (GBTC), which started with approximately $28 billion in assets.
Net flows and outlook
Despite a rare day of negative net flows on February 21, funds in the Bitcoin ETF segment recorded nearly $600 million in net inflows during last week’s four trading days. Trading volumes for Bitcoin ETFs managed by other asset management companies, such as Bitwise, WisdomTree, and VanEck, have also increased, signaling a broadening interest in the sector.
