Connect with us

Hi, what are you looking for?

Economy

Spot Bitcoin ETFs See Over $1 Billion in Daily Trading Volume, BlackRock’s IBIT Outshines

Spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their total daily trading volume exceed $1 billion on Wednesday, with BlackRock emerging as the top performer.

In a recent post on X, Bloomberg Intelligence analyst James Seyffart highlighted the standout performance of BlackRock’s IBIT Bitcoin ETF, which recorded a daily trading volume of $341.2 million.

The fund surpassed the $296.5 million volume of Grayscale Bitcoin Trust, which recorded second place, according to Seyffart’s analysis.

Fidelity’s FBTC fund secured the third spot with a trading volume of $200 million, while the remaining seven funds combined contributed $188 million to the daily volume, culminating in a total trading volume surpassing the billion-dollar mark for the day.

$1 Billion in Daily Trading Volume is Not Significant


In another post, Seyffart noted that crossing the $1 billion threshold is noteworthy but emphasized that it may not be considered a significant achievement for Bitcoin ETFs.

He said that while the figure represents an increase compared to recent days, it still falls short of the early weeks of trading.

Should have been more clear. Crossing $1 billion isn’t that big of a deal for the #Bitcoin ETFs. It’s a tick up from recent days but still far below the first couple weeks of trading

If you’re a terminal client you can view this chart at G #BI 124517<GO> https://t.co/79SW2qSHAZ pic.twitter.com/rRQTEVzgUr

— James Seyffart (@JSeyff) February 7, 2024

In addition to the impressive trading volumes, inflows into spot Bitcoin ETFs continued to outpace outflows from Grayscale Bitcoin Trust (GBTC) for the ninth consecutive day.

Preliminary data from Farside revealed that GBTC experienced $81 million in outflows on February 7, while the other nine spot Bitcoin ETFs attracted $226 million in inflows, resulting in net flows of $145 million.

Among the spot Bitcoin ETFs, BlackRock witnessed an inflow of $56 million, Fidelity’s fund increased by $130 million, and Bitwise recorded inflows of $21 million.

BTC Holdings of Spot ETFs to Exceed MicroStrategy’s Stash


In another sign of the growing popularity of spot Bitcoin ETFs, the combined Bitcoin holdings of the newly launched nine ETFs were on the verge of surpassing those of MicroStrategy, the largest corporate holder of the asset.

“It will have taken less than 30 days for the New9 to overtake MSTR in Bitcoin Holdings,” investor and author Fred Krueger said in a post.

As of February 7, the ETF funds held approximately 187,000 BTC, while MicroStrategy possessed 190,000 coins, having acquired an additional 850 BTC in January, bringing its total holdings to a value exceeding $8 billion.

“ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for dessert.”

Tomorrow is the day the Green (187 BTC) switches places with the Orange (190 BTC).

It will have taken less than 30 days for the New9 to overtake MSTR in Bitcoin Holdings.

ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for desert. pic.twitter.com/sJDMMxg8sl

— Fred Krueger (@dotkrueger) February 8, 2024

As reported, BlackRock and Fidelity’s spot Bitcoin ETFs have emerged among the top 10 funds with the highest inflows in January.

BlackRock’s IBIT secured the eighth position with an estimated $2.6 billion in net flows, while FBTC claimed the tenth spot, attracting $2.2 billion in net flows.

In contrast, the Grayscale Bitcoin Trust (GBTC) experienced significant outflows, with an estimated $5.7 billion exiting the fund in January, marking the second-highest outflows among ETFs.

Still, during the trading days from January 26 to February 2, the inflows into the new spot Bitcoin funds surpassed the outflows from GBTC, which experienced its second-lowest outflow day on February 2, amounting to $144.6 million.

The post Spot Bitcoin ETFs See Over $1 Billion in Daily Trading Volume, BlackRock’s IBIT Outshines appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news. In today’s crypto...

Economy

The amount of Bitcoin (BTC) held on Coinbase has plummeted by almost $1 billion worth of assets as whales move their holdings. New data...

Economy

Mumbai, the bustling financial hub of India, has introduced a metaverse initiative aimed at showcasing its latest and upcoming city-wide infrastructure megaprojects. Dubbed the Mumbai...

Economy

BlackRock, the world’s largest asset manager, has intensified its media advertising campaign for its recently launched iShares spot Bitcoin exchange-traded fund (ETF), framing the...

Economy

In an exclusive, gaming-focused interview with Cryptonews, the BLOCKLORDS game CEO David Johansson talked about the indestructible link between crypto and gaming. He told...

Economy

A recent study by a team of researchers from Europe and Asia explored the possibility of predicting positive outcomes in crypto market trading using...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.