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BlackRock’s Spot Bitcoin ETF posted record daily trading volume on Monday. This is another sign that interest in such funds has not yet waned.
As of 3:30 p.m. ET that day, more than 42 million shares of iShares Bitcoin Trust (IBIT), valued at approximately $1.3 billion, had been traded.
The $1.1 billion trading volume marked the highest single-day volume in the more than six weeks IBIT has been on the market, according to Yahoo Finance data. This broke the fund’s previous record of nearly $1 billion on its first day of trading on January 11th.
Bloomberg Intelligence analyst Eric Balciunas said in an
Balchunas said the combined trading volume of nine U.S. spot Bitcoin funds, excluding the Grayscale Bitcoin Trust ETF (GBTC), also hit a record $2.4 billion on Monday. Added.
With about an hour left in the trading day, the BlackRock BTC fund ranked 11th among ETFs by trading volume, according to data from Bloomberg Intelligence. shown. At the time, it trailed the Vanguard S&P 500 ETF (VOO) and outperformed State Street Global Advisors’ Financial Select Sector SPDR Fund (XLF).
Other than GBTC, which started with about $28 billion in assets upon its conversion to an ETF, IBIT is the largest Bitcoin spot fund with assets of about $7 billion.
read more: As Bitcoin ETFs gain ground in gold funds, will the cards ever flip?
Despite the Spot Bitcoin ETF having a rare day of net outflows on February 21, funds in the sector recorded nearly $600 million in net inflows over four trading days last week, according to BitMEX Research. .
Overall, net inflows into US spot BTC funds within the US amounted to approximately $5.5 billion.
Trading volumes in Bitcoin ETFs from rival asset managers Bitwise, WisdomTree and VanEck soared last week.
Bitwise Chief Investment Officer Matt Hogan said last week that the pace and scale of BITB “sales acquisitions” by asset managers have recently increased as Bitcoin prices have risen.
Bitcoin price was over $54,300 as of 3:30 pm ET on Monday, up nearly 5% from 24 hours ago.
Executives and industry insiders say they expect net inflows to Bitcoin ETFs to swell in the coming months as more asset managers become accustomed to directing client funds into Bitcoin ETFs. Stated.
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