Trading volume for US spot Bitcoin (BTC) ETFs continues its upward momentum, notably with BlackRock’s iShares ETF breaching the $1 billion mark in daily trading volume.
According to Bloomberg analyst Eric Balchunas’s post on Mar. 2, there is a surge in trading volume for US spot BTC ETFs. Friday marked the third busiest trading day, closely behind Wednesday and Thursday.
Volume still elevated, altho not insane, for bitcoin ETFs.. today was third biggest day ever after Wed and Thur. All told $22b traded this week, about a month’s worth of volume in 5 days. $IBIT did over $1b every day. Will this subside or is new normal here? We’ll know next wk. pic.twitter.com/2F2OVY9MxE
— Eric Balchunas (@EricBalchunas) March 1, 2024
So far this week, spot Bitcoin ETFs have been traded for $22 billion overall. The iShares Bitcoin ETF from BlackRock stands out because it trades more than $1 billion daily. This increase in trading activity has been accompanied by a notable increase in the value of BTC, which soared to $62,000, its highest level since November 2021.
According to Eric Balchunas, BlackRock’s spot Bitcoin ETF now holds more than $10 billion in BTC, an essential factor for this success. This goal was met in only seven weeks since the ETF started trading. It is the fastest ETF ever to reach this goal.
$IBIT the newest member of the $10 Billion Club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400) incl $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b easier bc mkt appreciation bigger variable pic.twitter.com/FwysL4GSGk
— Eric Balchunas (@EricBalchunas) March 1, 2024
Market experts stress the importance of the second Bitcoin ETF issuer hitting $10 billion. It is unclear who that may be or when this will happen.
On Jan. 10, the first BTC ETFs were approved for trading in the US. This was an important milestone forward for the cryptocurrency market and the crypto business as a whole.
Looking ahead, experts in the field are still optimistic about BTC’s potential. They think the upcoming Bitcoin halving event will cause the price to increase even more.
ZetaChain, described as the world’s first universal blockchain, has officially launched support for the Arbitrum…
BNB Chain is preparing for one of its most significant upgrades yet, with the Pascal…
Seismic, an emerging encrypted blockchain developer, has successfully raised $7 million in a funding round…
Industry-Leading IP Valuation Firm Highlights Key Assumptions Behind Its Assessment Las Vegas, NV, 6th March…
Doha, Qatar, March 6, 2025, ZEX PR WIRE, drovi, an innovative AI-driven networking and event…
Japan’s ruling Liberal Democratic Party (LDP) has unveiled a proposal to dramatically reduce the tax…