Record Volume for BlackRock's Bitcoin ETF, 2nd Day High

BlackRock’s spot bitcoin exchange-traded fund (ETF) had yet another massive trading day on Tuesday, recording over $1.3 billion in daily trading volume for the second consecutive day. This was fuelled by bitcoin’s rally to remarkable level of $57,000.

According to Bloomberg Intelligence ETF analyst Eric Balchunas in an X (formerly Twitter) post, it is very obvious that BlackRock’s IBT had quite a big day, with $1.357 billion in trading volume, beating Monday’s record of $1.3 billion.

Moreover, Balchunas has stated that spot BTC ETFs listed in the U.S. saw trading surpassing $2 billion, but slightly fell short of Monday’s record-breaking daily volume of $2.4 billion.

 

Source: X

Nasdaq data showed that almost 42 million shares were traded, more than double of the average since it started trading in January.

During early morning hours, IBIT was the fifth most-traded ETF in the U.S.; pseudonymous HOLD15Capital also noted in an X post. Fidelity’s bitcoin ETF – FBTC – has experienced strong trading volume as well.

Although trading volume can sometimes suggest positive interest in a certain investment product, it might not always reflect the whole picture as the metric takes into consideration both buy and sell orders.

Nevertheless, Monday’s substantial volume largely consisted of heavy inflows, with around $520 million in net inflows reported by BitMex Research. Only minor outflows from Grayscale’s incumbent GBTC.

• Fidelity saw the strongest inflows at approximately $243 million.
• Ark and 21Shares’ ARKB came second in place after attracting $130 million.
• IBIT came in third place at $111 million – a relatively low number for BlackRock’s fund compared to its average inflows since making its debut.

The large trading volumes occurred as BTC broke out from its sideways consolidation on Monday, rallying over 10% and reaching $57,000 after the U.S. market close.

Over the last 24 hours, BTC has surged by 6%, surpassing the CoinDesk 20 Index’s (CD20) 3.5% increase.