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BlackRock Bitcoin ETF Hits Record Volume of Over $1.3B for Second Consecutive Day
Spot bitcoin ETFs again booked a strong day, recording over $2 billion in daily trading volume but slightly fell short of Monday's record.
Updated Mar 8, 2024, 10:18 p.m. Published Feb 27, 2024, 6:30 p.m.
- BlackRock's IBIT traded $1.35 billion on Tuesday, surpassing Monday's record daily volume.
- U.S.-listed spot bitcoin ETFs attracted $520 million in net inflows Monday as bitcoin rallied to $57,000.
BlackRock's spot bitcoin exchange-traded fund (ETF) had another massive trading day Tuesday, recording over $1.3 billion in daily trading volume for the second consecutive day, fueled by bitcoin's rally to $57,000.
BlackRock's IBIT booked $1.357 billion in trading volume during the day, breaking Monday's record of $1.3 billion, Bloomberg Intelligence ETF analyst Eric Balchunas noted in an X post Tuesday afternoon at market close. Nearly 42 million shares changed hands, Nasdaq data showed, more than double of the average since it started trading in January.
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IBIT was the fifth most-traded among all U.S.-listed ETFs during the morning hours, pseudonymous HODL15Capital noted in an X post, adding that Fidelity's bitcoin ETF (FBTC) also experienced "strong" trading volume.
U.S.-listed spot bitcoin ETFs traded over $2 billion, according to data cited by Balchunas, but slightly fell short of Monday's record-breaking daily volume of $2.4 billion.
Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r
— Eric Balchunas (@EricBalchunas) February 27, 2024
While trading volume can sometimes indicate positive interest in an investment product, it might not always be the case as the metric looks at both buy and sell orders.
However, Monday’s high volume was certainly characterized by heavy inflows as the funds saw some $520 million in net inflows with only minor outflows from Grayscale's incumbent GBTC, according to BitMex Research.
Fidelity saw the strongest inflows at roughly $243 million, followed by Ark and 21Shares’ ARKB, which attracted $130 million. IBIT came in third place at $111 million, a relatively low number for BlackRock’s fund compared to its average inflows since its debut.
[1/3] Bitcoin ETF Flow - 26th Feb 2024
— BitMEX Research (@BitMEXResearch) February 27, 2024
All data in. Strong day with $520m net inflow
Total net inflow since 11th Jan is $6,030m. pic.twitter.com/Iz4khAzEev
The large trading volumes happened as bitcoin broke out from its sideways consolidation Monday, rallying over 10% and hitting $57,000 after the U.S. market close, its highest price since Nov. 2021. BTC is up 6% over the past 24 hours, outperforming the CoinDesk20 Index's (CD20) 3.5% advance.
UPDATE (Feb. 14, 22:14 UTC): Updates headline, story to include end-of-the-day volume numbers.
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