With Bitcoin hitting a new all-time high, the daily trading volume of 10 Bitcoin spot ETFs in the United States also soared to $10 billion on Tuesday, setting a new record. Since the approval of Bitcoin spot ETFs in January, the cumulative net inflow has reached $7.78 billion.
Bitcoin broke through $69,000 last night, setting a new record high. At this milestone moment, Bloomberg analyst Eric Balchunas released data showing that the daily trading volume of 10 Bitcoin spot ETFs in the United States also reached $10 billion on Tuesday, setting a new record.
Among them, BlackRock’s IBIT ($3.703 billion), Fidelity’s FBTC ($2.028 billion), Bitwise’s BITB ($294 million), and ARK/21 Shares’ ARKB ($484 million) also set new records in daily trading volume.
Regarding the record-breaking trading volume of Bitcoin spot ETFs when Bitcoin hit a new high, Eric Balchunas said that the volatility and trading volume of ETFs are closely related, so it is not entirely surprising. For ETFs that have been in existence for less than two months, these figures are simply unbelievable.
Cumulative net inflows of $7.78 billion for 10 Bitcoin spot ETFs
Since the listing of Bitcoin spot ETFs in January, according to SoSoValue data, as of the 5th, although Grayscale’s GBTC has accumulated net outflows of $9.6 billion, the cumulative net inflow of these 10 Bitcoin spot ETFs has reached $7.78 billion. As of the 4th, the total assets under management of these Bitcoin spot ETFs had reached $52.45 billion.
Bitcoin spot ETFs to surpass gold ETFs?
Looking ahead, Eric Balchunas pointed out that the assets under management of 10 Bitcoin spot ETFs have surpassed $50 billion, starting from less than $30 billion. Currently, about $8 billion comes from inflows, while the rest comes from the increase in the value of Bitcoin.
Eric Balchunas predicts that if the growth rate of Bitcoin spot ETFs remains at this pace, adding $10 billion per month, Bitcoin spot ETFs will surpass the size of gold ETFs this summer. This may seem crazy, but it is very likely to happen if the price of Bitcoin meets the requirements.
The demand for Bitcoin spot ETFs is expected to continue to increase in the future. BlackRock has already submitted revised documents to the SEC on Monday, applying to include exposure to Bitcoin ETFs in its $36 billion Strategic Income Opportunities Fund (BSIIX) portfolio.
This means that BSIIX may purchase Bitcoin ETPs issued by BlackRock subsidiary, such as the iShares Bitcoin Trust (IBIT), a Bitcoin spot ETF that was listed in January, as well as other recently approved Bitcoin spot ETFs.
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