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 surpassed $64,000 today, the trading volume of the US Bitcoin spot ETF once again broke historical records.
James Seyffart, an ETF analyst at Bloomberg, stated earlier that the new record for the trading volume of the Bitcoin spot ETF 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.
Another ETF analyst at Bloomberg, Eric Balchunas, further 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 in terms of trading volume.
Note: The total number of transactions doubled yesterday, exceeding 500,000 transactions.
The Bitcoin spot ETF has seen continuous 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, a total of $61.32 million was net inflowed yesterday, making it the fifth consecutive day of net inflows.
It is worth noting that the data for BlackRock’s IBIT has not been updated, and the actual amount is estimated to be much higher. The net inflow for the previous trading day was $570 million.
CoinShares Research Director: Bitcoin is experiencing demand-side impact
The market activity of the Bitcoin spot ETF continues to rise, quickly becoming the second-largest single commodity ETF in the US market, demonstrating extremely high trading heat. James Butterfill, research director at CoinShares, commented on this phenomenon:
With the sharp rise in the price of Bitcoin, the market is curious about the main factors driving this upward trend. Butterfill said:
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, pushing the Bitcoin price to $200,000 by the end of 2025.
Analyst Eric Balchunas expressed skepticism about this, only predicting 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 has reached $43.16 billion, indicating signs that Standard Chartered Bank’s prediction at the beginning of the year may come true.
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Bloomberg predicts that the first day of the Bitcoin spot ETF will attract “$4 billion” in funds, with half coming from BlackRock.