Amid the rising bitcoin price, BlackRock’s bitcoin fund is also doing very well. On February 26, IBIT reached the milestone of $1 billion in trading volume in a single day. This is evident from a message from Bloomberg ETF analyst Eric Balchunas.
It is important: the trading volume does not equal the amount of money invested in the bitcoin fund. But it does show that there is more interest. The volume is the sum of the sales and purchase orders.
BlackRock currently owns digital gold with their exchange traded fund. They have the largest fund, fairly low compensation costs (especially compared to Grayscale) and also deal with good trading volume.
Balchunas writes how IBIT experienced a 30% volume growth compared to the old record. In terms of yesterday’s trading day data, the competitors are a block away. Fidelity’s FBTC recorded a volume of just over $500 million, while ARK Invest is in third place with ~$250 million.
It’s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $ GO went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Besides the good day for BlackRock, Grayscale has had a good day in other ways. It recorded the lowest outflow since the conversion from a Trust Fund to an ETF.
Although BlackRock’s trading volume was very high, Fidelity did experience a larger inflow of new money, as graph below from WhalePanda shows.
Yesterday’s ETF flows were quite high but surprisingly not the highest inflows we’ve seen so far.
$515 million inflows with Fidelity doing $243 million and Blackrock doing “only” $111 million. Even Ark managed to beat Blackrock yesterday with a solid $130 million.$GBTC only… pic.twitter.com/f3B9s4jnhf
— WhalePanda (@WhalePanda) February 27, 2024
Source: https://bitcoinmagazine.nl/nieuws/blackrock-noteert-hoogste-handelsvolume-van-bitcoin-etf-meer-dan-1-miljard
