‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume

Total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) topped a billion dollars on Feb. 7, with BlackRock leading the pack.

Bloomberg Intelligence analyst James Seyffart described it as a “big volume day” for BlackRock’s IBIT Bitcoin ETF, which saw a daily trading volume of $341.2 million, eclipsing Grayscale Bitcoin Trust’s $296.5 million in volume, according to Seyffart.

Meanwhile, Fidelity’s FBTC fund came in third with $200 million in volume, and the remaining seven funds had $188 million in daily volume — bringing the total for the day to more than a billion dollars.

Seyffart however commented that crossing $1 billion “isn’t that big of a deal” for the Bitcoin ETFs” as “it's a tick-up from recent days but still far below the first couple of weeks of trading.”

BlackRock saw an inflow of $56 million, while Fidelity’s fund increased by $130 million, and Bitwise inflowers were $21 million.

On Feb. 8, investor and author Fred Krueger observed that the combined BTC holdings of the newly launched nine ETFs were about to exceed those of the largest corporate holder of the asset, MicroStrategy.

The ETF funds hold around 187,000 BTC as of Feb. 7, whereas MicroStrategy holds 190,000 coins after snapping up another 850 BTC in January, increasing its total holdings to a value of more than $8 billion.

#news #btc #etf #BlackRock

Feb-8-2024 09:12:05 AM