BlackRock Bitcoin ETF Volume Surpasses $1 Billion
08 Feb, 2024 ● Crypto News
On February 7, the total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) surpassed one billion dollars, led by BlackRock.
Bloomberg Intelligence analyst James Seyffart characterized it as a significant day in terms of volume for BlackRock’s iShares Bitcoin Trust (IBIT), which recorded a daily trading volume of $341.2 million, surpassing the $296.5 million volume of the Grayscale Bitcoin Trust, according to Seyffart.
Fidelity’s FBTC fund ranked third with a volume of $200 million, while the remaining seven funds collectively had a daily volume of $188 million, bringing the total for the day to over a billion dollars.
Seyffart, however, noted that reaching the $1 billion mark "isn’t that significant" for Bitcoin ETFs, as it represents a slight increase from recent days but remains considerably lower than the initial weeks of trading.
Meanwhile, inflows into spot Bitcoin ETFs have continued to outpace outflows from GBTC for the ninth consecutive day.
Preliminary data from Farside indicates that GBTC experienced outflows of $81 million on February 7, while the other nine spot Bitcoin ETFs attracted inflows totaling $226 million, resulting in net flows of $145 million.
BlackRock saw inflows of $56 million, Fidelity’s fund increased by $130 million, and Bitwise’s inflows amounted to $21 million.
On February 8, investor and author Fred Krueger observed that the combined BTC holdings of the newly launched nine ETFs were on the verge of surpassing those of MicroStrategy, the largest corporate holder of the asset.
As of February 7, the ETF funds collectively hold around 187,000 BTC, whereas MicroStrategy holds 190,000 coins, having acquired an additional 850 BTC in January, bringing its total holdings to over $8 billion in value.
Krueger commented, "ETFs are eating the world. They consumed every other asset class, and now they're having Bitcoin for dessert."
It was also reported that Fidelity is now allocating spot Bitcoin to their All-in-One Conservative ETF.
ETF analyst Eric Balchunas remarked, "If they’re adding to conservative, that’s probably a positive sign."
Sources:
https://cointelegraph.com/news/big-volume-day-blackrock-bitcoin-etfs-notch-1b-volume
https://twitter.com/Matt_Hougan/status/1755243999252914498
https://twitter.com/dotkrueger/status/1755390565427081409
https://twitter.com/JSeyff/status/1755336511791169574
