US Bitcoin ETF Trading Hits Daily Record at $2.4B, BlackRock Leads: Bloomberg Intelligence
The newly launched nine Bitcoin exchange-traded funds (ETFs) in the U.S. have broken an all-time daily record in volume, taking in $2.4 billion which is about double their recent daily average, according to Eric Balchunas from Bloomberg Intelligence.
The first day of trading for the ETFs was January 11, the $2.4 billion in trading on Monday, was mostly led by BlackRock’s ETF trading under the ticker “IBIT” which amassed $1,3 billion of the volume.
Why the sudden spike in volume at the end of the trading day could be pinned to the price rally as Bitcoin price continues to steadily rise trading at around $56,400 during press time.
“$IBIT went wild accounting for $1.3 billion of it, [$2.4 billion] breaking its record by about 30%.” posted Balchunas. “Not totally sure reason besides price rally generating interest but it does seem like these things really see heightened action on first day after wkend, [weekend]” added Balchunas from Bloomberg.
Unsurprisingly, BlackRock’s IBIT ETF continues to lead the market and this in turn ranked the product high as eleventh among all ETFs.
“MILESTONE $IBIT has traded $1b worth of shares today so far.. which ranks it 11th among all ETFs (Top 0.3%) and Top 25 among stocks. Insane number for newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional consideration,” posted Balchunas on X.
Earlier this month, VanEck slashed its fees for the HODL exchange-traded fund (ETF), the VanEck Bitcoin Trust down to 0.20% from 0.25% according to a recent filing submitted to the Securities and Exchange Commission. Currently, almost all of the Bitcoin ETF fees range from 0.19% to 0.39%.
Nearly a dozen Bitcoin ETFs are competing for investor attention in a
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