BlackRock’s Bitcoin ETF traded more than $1.3 billion for the second day in a row, hitting a record high.

adminFebruary 28, 2024

BlackRock’s IBIT recorded a trading volume of $1.35 billion on the 27th, exceeding the previous day’s trading volume on the 26th.
The U.S. Bitcoin spot ETF recorded a net inflow of $520 million on the 26th as Bitcoin rose to $57,000.

Asset management company BlackRock’s spot Bitcoin ETF (Exchange Traded Fund) continued its high trading volume on the 27th, with daily trading volume exceeding $1.3 billion (approximately 195 billion yen) for the second day in a row. . This rose further as Bitcoin (BTC) rose to $57,000 (about 8.55 million yen, equivalent to 150 yen per dollar).
Eric Balchunas, ETF analyst at Bloomberg Intelligence, wrote on X (formerly Twitter) during the afternoon market close on the 27th that BlackRock’s IBIT traded for $1.357 billion that day. He pointed out that this record surpassed the previous record of $1.3 billion set on the 26th. About 42 million units were traded, more than double the average since trading began in January, according to Nasdaq data.
Anonymous HODL15Capital noted in
According to data cited by Balciunas, the total trading volume of U.S. Bitcoin spot ETFs exceeded $2 billion, but this is slightly less than the highest daily trading volume of $2.4 billion set on the 26th. It didn’t go that far.

Another strong volume for Nine, with volume well over $2 billion. $IBIT again broke a personal record with $1.3 billion (more than most large-cap U.S. stocks traded). I don’t know if this is a new standard or some kind of short-lived algo/arb related burst like $HODL. pic.twitter.com/KkCkdQKe9r
— Eric Balchunas (@EricBalchunas) February 27, 2024

Trading volume may mean there is high interest in an investment, but this is not necessarily the case as it includes both buy and sell orders.
However, according to BitMex Research, the high trading volume on the 26th was actually driven by large inflows into ETFs. Net inflows into the ETF were approximately $520 million (about 78 billion yen), while outflows from Grayscale’s GBTC were minimal.
Fidelity saw the largest inflows at about $243 million, followed by Ark and 21Shares’ ARKB at $130 million. IBIT ranked third in inflows, with $111 million, lower than average inflows since launch.

On the 26th, Bitcoin broke out of a sideways trend and trading volume surged. Shares rose more than 10% after U.S. markets closed, reaching $57,000, their highest since November 2021. Bitcoin has risen 6% in the past 24 hours, outpacing the 3.5% gain of the CoinDesk 20, which measures Bitcoin’s performance. Top cryptocurrency assets by trading volume.
｜Translation and editing by Rinan Hayashi ｜Image: Jim Henderson, edited by CoinDesk ｜Original article: BlackRock Bitcoin ETF records trading volume of over $1.3 billion for 2 consecutive days

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BlackRock’s Bitcoin ETF trades more than $1.3 billion for second straight day, hitting record high | CoinDesk JAPAN appeared first on Our Bitcoin News.

adminFebruary 28, 2024