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Spot Bitcoin ETFs Hit Record $10bn in Daily Trading Volume
- Spot Bitcoin ETFs have once again shattered their previous high in trading volume, recording over USD $10bn in trades earlier this week.
- This figure is more than 20% higher than its previous all-time high of $8bn, set last Wednesday.
- BlackRock is, as usual, experiencing the most inflows after their fund (IBIT) reported $3.8bn of trading volume in a single day.
- The community now awaits a decision on a potential Ethereum ETF with bated breath.
Another day, another win for the crypto industry. Over the past few months, the community has been joyfully ticking off milestones – a new BTC/USD all-time high, the approval of a spot Bitcoin ETF, renewed DeFi activity and so on.
The Jan 11th decision by the Securities and Exchange Commission (SEC) to allow investors to trade spot Bitcoin funds was perhaps the biggest success of them all, and although it took a little while to heat up, the effect of spot ETFs can no longer be ignored. It’s changed the game forever.
Related: Judge Rules Crypto Assets Are Securities, Even When Traded on Exchanges
BlackRock Holds Throne With Nearly $4bn Traded In Record Day
It seems like the spot Bitcoin ETFs are reaching new heights on a daily basis. Massive trading volumes and inflows have been a common theme since around the middle of February, after most investors had converted their holdings in Grayscale Bitcoin Trust (GBTC) to a spot ETF alternative.
This week saw perhaps the most impressive feat to date, with the 11 Bitcoin funds available on the traditional US stock market seeing over USD $10bn (AUD $15bn) of volume in just one trading day. The previous record – set less than a week ago – was under USD $8bn, representing a greater than 20% increase in volume.
As per usual, BlackRocks offering – iShares Bitcoin Trust – led the way, setting its own trading day record of USD $3.8bn (AUD $5.85bn) in volume. This figure easily cleared its previous all-time high of USD $3.3bn (AUD $5.08bn) and took the company’s total BTC holdings to over USD $11bn (AUD $16.9bn).
It’s no surprise that BlackRock is well ahead of the pack, considering the institution is the world’s largest (in terms of AUM) and offers an extremely competitive fee of just 0.125-0.25%.
Related: No Bitcoin On Exchanges Left? Analysts Weigh In
Given the resounding success of the spot Bitcoin ETFs, BlackRock is among one of many companies queueing up for an Ethereum fund. The SEC is set to decide on approving an Ether-based ETF in the coming months.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
