With the strong rise in the price of Bitcoin, the trading volume of the US Bitcoin spot ETF has also reached a new high, approaching $7.7 billion, surpassing the record of $4.66 billion on the first day of listing.
As Bitcoin broke through $64,000 today, the trading volume of the US Bitcoin spot ETF also broke the historical record.
James Seyffart, an ETF analyst at Bloomberg, stated earlier that the new record for the trading volume of the Bitcoin spot ETF has officially reached $7.69 billion, surpassing the record of $4.66 billion on the first day of listing.
Among them, BlackRock’s IBIT alone contributed more than 40% of the trading volume, reaching $3.351 billion. Other ETFs that surpassed $1 billion in trading volume include:
– Grayscale’s GBTC with a trading volume of $1.864 billion.
– Fidelity’s FBTC with a trading volume of $1.443 billion.
Eric Balchunas, another ETF analyst at Bloomberg, also pointed out that the trading volume of IBIT even exceeded that of QQQ (Nasdaq 100 Index ETF), making it the fourth-largest ETF in the US by trading volume.
Note: The total number of transactions doubled yesterday, exceeding 500,000 transactions.
The Bitcoin spot ETF has seen net inflows for the fifth consecutive day.
In terms of fund flows, according to data from the SoSo Value platform, among the Bitcoin spot ETFs that have updated data yesterday, a total of $61.32 million was net inflows, marking the fifth consecutive day of net inflows.
It is worth noting that the data for BlackRock’s IBIT has not been updated yet, and the actual amount is estimated to be much higher. The net inflows on the previous trading day were $570 million.
CoinShares Research Director: Bitcoin is experiencing demand-side impact.
The market activity of the Bitcoin spot ETF continues to rise, rapidly becoming the second-largest single commodity ETF in the US market, demonstrating extremely high trading popularity. James Butterfill, research director at CoinShares, commented on this phenomenon:
With the significant rise in the price of Bitcoin, the market is curious about the main factors driving this upward trend. Butterfill stated:
At the beginning of this year, Standard Chartered Bank estimated that the Bitcoin spot ETF would attract $50 to $100 billion in funds this year, driving the price of Bitcoin to $200,000 by the end of 2025.
Analyst Eric Balchunas expressed doubt about this and only expected a minimum of $15 billion but no more than $50 billion in fund inflows. However, as the price of Bitcoin broke through the $61,000 mark yesterday, the total size of the Bitcoin spot ETF reached $43.16 billion, indicating a sign that Standard Chartered Bank’s early prediction may come true.
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– Bitcoin market plummets! It once “falls below $59,000” and quickly drops by 8%, causing over $700 million in liquidations for 180,000 people.
– Bloomberg predicts that the first day of the Bitcoin spot ETF will attract $4 billion in funds, with half coming from BlackRock.