The BlackRock Spot Bitcoin ETF has traded over $1 billion so far today, a new milestone.

adminFebruary 26, 2024

BlackRock’s Spot Bitcoin ETF recorded more than $1 billion in trading today alone, according to Bloomberg senior ETF analyst Eric Balchunas, a significant milestone for the ETF. This achievement highlights the growing demand for Bitcoin investment products and highlights the growing acceptance of Bitcoin in traditional finance.

important step $GO As of today, $1 billion worth of stock has been traded. It ranks 11th among all ETFs (top 0.3%) and in the top 25 among stocks. Those are crazy numbers for a beginner ETF (especially the 10 contenders). $1 billion a day is big boy level trading volume, enough for (even big) institutional consideration. pic.twitter.com/1vxW5jhaXT
— Eric Balchunas (@EricBalchunas) February 26, 2024

BlackRock, one of the world’s largest asset managers, launched a spot Bitcoin ETF earlier this year, giving investors exposure to BTC without direct ownership or custody. The ETF’s ability to attract significant trading volume in a single day reflects investors’ preference for Bitcoin as a legitimate asset class.

The $1 billion trading volume indicates strong investor interest in Bitcoin amid continued market volatility and economic uncertainty. Bitcoin has emerged as an attractive investment option as institutional and retail investors seek diversified portfolios and alternative stores of value.

“For a beginner ETF, those are ridiculous numbers (especially with 10 competitors),” Balchunas said. “$1 billion a day is the size of a large enterprise and is sufficient for (even large) institutional considerations.”

I forgot that $1 billion today (so far) is a personal record. $GO. And while note volume is not flow, in many ways it is like imp in the long run. Liquidity reduces friction and costs and increases anonymity. That’s why institutions tend to only use high-volume ETFs.
— Eric Balchunas (@EricBalchunas) February 26, 2024

The ETF’s success in reaching the $1 billion trading milestone reaffirms Bitcoin’s growing mainstream acceptance as a legitimate investment asset. And as spot Bitcoin ETFs continue to grow, they are expected to play a big role in bridging the gap between traditional finance and Bitcoin exposure.

As soon as the markets opened on Monday, the price of Bitcoin began to rise sharply, hitting highs not seen since December 2021.