Spot Bitcoin ETFs record over $1 billion in daily trading volume, surpassing BlackRock's IBIT
Last update:
February 8, 2024 3:52 am EST | 2 minutes read
Source: Midjourney
Job Bitcoin (BTC) Total daily trading volume of exchange-traded funds (ETFs) topped $1 billion on Wednesday, with BlackRock emerging as the leader.
In one last post on XBloomberg Intelligence analyst James Seyffart highlighted the stellar performance of BlackRock's IBIT Bitcoin ETF, which recorded a daily trading volume of $341.2 million.
The fund surpassed the $296.5 million Grayscale Bitcoin Trust, which ranked second, according to Seyffart's analysis.
Fidelity's FBTC fund secured third place with a trading volume of $200 million, while the remaining seven funds collectively contributed $188 million to the daily volume, resulting in a total trading volume that reached billions of dollars on the day mark was exceeded.
A daily trading volume of $1 billion is not significant
In another post, Seyffart noted that crossing the $1 billion threshold was notable, but stressed that it may not be a significant achievement for Bitcoin ETFs.
He said that while this figure represents an increase compared to recent days, it is still below levels seen in the first few weeks of trading.
Should have been clearer. For the #Bitcoin ETFs, crossing the $1 billion mark is not such a big deal. This is an increase compared to the last few days, but is still well below the values of the first few weeks of trading
If you are a terminal customer, you can view this diagram at G #BI 124517
— James Seyffart (@JSeyff) February 7, 2024
In addition to the impressive trading volumes, inflows into spot Bitcoin ETFs continued to outpace Grayscale Bitcoin Trust (GBTC) outflows for the ninth day in a row.
Preliminary data from Farside showed that GBTC recorded $81 million in outflows on February 7, while the other nine spot Bitcoin ETFs recorded $226 million in inflows, resulting in net inflows of $145 million -Dollar led.
Among spot Bitcoin ETFs, BlackRock saw inflows of $56 million, Fidelity's fund increased by $130 million, and Bitwise saw inflows of $21 million.
Spot ETF BTC holdings exceed MicroStrategy’s supply
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 New9 less than 30 days to overtake MSTR at Bitcoin Holdings,” investor and author Fred Krueger said in a post.
As of February 7, the ETF funds held about 187,000 BTC, while MicroStrategy held 190,000 coins after acquiring an additional 850 BTC in January, bringing its total holdings to a value of over $8 billion.
“ETFs are eating up the world. They have eaten up every other asset class and for dessert there is Bitcoin.”
Tomorrow is the day when green (187 BTC) swaps places with orange (190 BTC).
It will have taken New9 less than 30 days to overtake MSTR at Bitcoin Holdings.
ETFs are eating up the world. They have eaten up every other asset class and have Bitcoin instead. pic.twitter.com/sJDMMxg8sl
— Fred Krueger (@dotkrueger) February 8, 2024
Spot Bitcoin ETFs have reportedly emerged from BlackRock and Fidelity among the top 10 funds with the highest inflows in January.
BlackRock's IBIT secured the eighth spot with estimated net inflows of $2.6 billion, while FBTC took the tenth spot with net inflows of $2.2 billion.
In contrast, the Grayscale Bitcoin Trust (GBTC) saw significant outflows: an estimated $5.7 billion left the fund in January, marking the second-highest outflow among ETFs.
Still, inflows into the new spot Bitcoin funds during trading days from January 26 to February 2 exceeded outflows from GBTC, which recorded its second-lowest outflow day on February 2 at $144.6 million.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.