Nine Bitcoin ETFs’ Daily Trading Volume Hits $2.4 Billion, Surpassing Launch Day Milestones
In Brief
Nine Bitcoin ETFs generated a record-breaking combined daily trading volume of $2.4 billion, through buying and selling transactions.
Nine newly introduced spot Bitcoin exchange-traded funds (ETFs) achieved a notable milestone by generating a record-breaking combined daily trading volume of $2.4 billion through buying and selling transactions. Eric Balchunas, Senior ETF Analyst at Bloomberg, observed that ETFs “just barely” exceeded the first day of trading and approximately doubled their recent daily average.
The investment company BlackRock took the lead, generating $1.3 billion in trading. Earlier in the day, when BlackRock’s ETF surpassed the $ 1 billion mark, it secured the 11th position among all ETFs (Top 0.3%) and stood within the Top 25 among stocks.
Eric Balchunas noted that the $1 billion trading volume for a new ETF is exceptionally high, indicating a substantial level of market activity suitable for institutional consideration, even among larger entities.
The nine recently introduced spot Bitcoin ETFs do not include Grayscale’s converted fund, which currently holds the highest assets under management. Apart from BlackRock’s ETF, the remaining new products are provided by asset management companies Fidelity, Bitwise, Ark 21Shares, Invesco, VanEck, Valkyrie, Franklin Templeton, and WisdomTree.
All spot Bitcoin ETFs saw a net inflow of around $519.9 million, with Grayscale’s ETF experiencing a capital outflow of approximately $22.4 million, while BlackRock’s ETF recorded a capital inflow of $111.8 million, and Fidelity’s ETF observed a capital inflow of $243.3 million.
Additionally, collectively, spot Bitcoin ETFs had amassed nearly $52 billion in cumulative trading volume by the end of last week, according to a CoinShares report.
Bitcoin Price Soars in Response to Record ETFs’ Trading Volume
The price of the decentralized cryptocurrency Bitcoin experienced a notable increase of over 10%, reaching a peak of $56,740 this morning, marking the highest value since November 2021. As of the current writing time, Bitcoin is trading at $56,190, as per data sourced from CoinMarketCap.
Analysts attribute the recent surge in Bitcoin spot ETF trading volume to being the primary factor driving the Bitcoin upswing, indicating a growing confidence among US investors in this asset class.
The recent surge in spot Bitcoin ETF trading volume highlights a significant development in its dynamics, subsequently influencing Bitcoin price movement.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
