BlackRock’s iShares Bitcoin Trust ETF Shatters Daily Trading Records Amid Crypto Surge
Crypto News – BlackRock‘s spot Bitcoin exchange-traded fund has achieved a remarkable milestone today, setting a new record for daily trading volume amidst a surge in Bitcoin’s value to an all-time high.
The primary cryptocurrency reached an impressive $69,324 on the Coinbase exchange, surpassing its previous record set in November 2021, before experiencing a sharp decline to approximately $61,000.
During this period of volatility, BlackRock‘s iShares Bitcoin Trust ETF observed a staggering $3.7 billion in trading volume, as reported by TradingView. This marks a $400 million increase from its previous record of $3.3 billion recorded just last Wednesday.
Bloomberg Intelligence analyst Eric Balchunas aptly described these figures as “bananas,” noting the unprecedented performance of several spot Bitcoin ETFs.
Since the approval of 10 spot Bitcoin ETFs by the US Securities and Exchange Commission on January 10, the iShares fund has consistently outperformed its competitors. Notable among these competitors are Fidelity Investments’ Wise Origin Bitcoin Fund, which also set a new daily volume record today, and the Grayscale Bitcoin Trust. The popularity of these ETFs has significantly contributed to the ongoing rally in Bitcoin, attracting a growing number of mainstream investors to the digital asset.
In a recent analysis, Balchunas attributed a substantial portion, if not all, of Bitcoin’s surge to the hype surrounding ETFs prior to the SEC’s approval and the subsequent inflow of funds.
While Bitcoin’s price has been on an upward trajectory since January 2023, it was BlackRock’s filing for a spot Bitcoin ETF in the US on June 15 that ignited the ETF frenzy.
Spot Bitcoin ETFs currently boast an impressive $50 billion in assets under management, with $8 billion of inflows, according to Balchunas. Remarkably, the iShares fund has amassed $10.7 billion in assets under management in less than two months since its launch, solidifying its position as the fastest-growing ETF in history.
These spot Bitcoin ETFs offer investors a convenient avenue to gain exposure to the asset without direct ownership. Balchunas emphasized the efficacy of ETFs in enhancing liquidity, describing them as “cheap, convenient, and standardized.”
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