BlackRock’s Bitcoin ETF Achieves Daily Volume Milestone Amid BTC Dip
Nearly 100 million shares of BlackRock’s Bitcoin funds were traded on Thursday, setting a new record for daily volume.
The BlackRock Bitcoin Exchange-Traded Fund (ETF) recorded another daily trading volume record, despite a 6% drop from its daily high in the U.S. trading day. Data from Barchart for March 14th shows that the iShares Bitcoin Trust (IBIT) also traded 99.3 million shares, with a trading volume exceeding $3.9 billion, breaking its previous record of $3.7 billion set less than 10 days earlier on March 5th.
This comes as Bitcoin dropped 6% from its daily high in the U.S. trading day but has since begun to recover. The BlackRock Spot Bitcoin ETF has been the best-performing fund in terms of volume and net inflow among ten ETFs launched in January. On March 12th, it experienced the largest day of net inflows among all Bitcoin funds to date, with $849 million. However, the Grayscale Bitcoin Trust (GBTC), the largest of the ten U.S. Bitcoin ETFs by assets, ranked second in trading volume on March 14th, after IBIT, with $1.96 billion.
Since March 10th, Grayscale’s ETF market share among Bitcoin ETFs has fallen below 50%. GBTC has seen nearly $11.7 billion in outflows since it converted from a trust to an ETF alongside the launch of nine new funds. Bloomberg ETF analyst Eric Balchunas shared on X (formerly Twitter) on March 14th that despite the month being only halfway through, the total monthly trading volume of ten ETFs has already surpassed previous months’ figures. So far, these ETFs have had a volume of $65 billion this month, over $20 billion more than the roughly $42 billion volume in February.
The net inflow of capital into ETFs has also maintained its momentum, with a record of over $1 billion in net daily inflows just two days ago on March 12th. Meanwhile, according to a Cointelegraph Markets Pro report, Bitcoin fell 2% in the last 24 hours before the close of the U.S. trading day at 3:45 PM New York time, 7:45 PM UTC, reaching a daily high of over $73,500 and then dropping 6.3% to a low of $68,855.
Since then, it has recovered 4% and is currently back above $71,600.
