BlackRock’s spot Bitcoin (
$110,171.00 ) ETF — the iShares Bitcoin ( $110,171.00 ) Trust (IBIT) — surpassed a record high of $720 million in daily volume on Feb. 14 to take the number one spot in terms of volume, according to data from Coinglass.
Commenting on IBIT’s more than $700 million in volume on Feb. 14, Bloomberg ETF analyst Eric Balchunas described the trend as a “more unusual second wind strength” for the fund. He explained:
“[The] reason this is interesting and unusual is [because] early on IBIT’s volume was correllated [with] GBTC outflows and perhaps to any ‘lined up’ cash [BlackRock] had. Thought all that would wind down a bit in unison, and it started too, but then IBIT broke the [f—] loose.”
IBIT cements lead
Balchunas noted that volume for the “Newborn Nine” usually indicates inflows as there aren’t many existing investors looking to sell, compared to a fund like GBTC that was converted into an ETF and had pre-existing holders.
IBIT reached $493 million in daily volume on Feb. 13, with the entirety being inflows, based on Farside Investors’ data, which shows that IBIT’s volume has been rising consistently after hitting a record low on Feb. 6.
Daily IBIT volume, via Eric Balchunas
Comparatively, Grayscale Bitcoin ( $110,171.00 ) Trust (GBTC) recorded $72.8 million in outflows on Feb. 13, indicating a significant slowdown in sell pressure compared to last month. The fund’s outflows have remained under the $100 million level for the most part over the past week.
At 9:27 pm UTC on Feb. 14, Coinglass showed that GBTC was reporting $681 million in volume, while the Fidelity Wise Origin Bitcoin ( $110,171.00 ) Fund (FBTC) was at $455 million. The market’s seven other spot Bitcoin ( $110,171.00 ) ETFs had less than $200 million in volume each.
BlackRock’s total inflows are set to surpass $5 billion once trading closes for the day, bringing its Bitcoin ( $110,171.00 ) hoard to a little over 96,669 BTC.
Meanwhile, FBTC is close on its heels with total inflows of just under $4 billion.
Top 7%
BlackRock’s IBIT is also the second largest spot Bitcoin ( $110,171.00 ) ETF when ranked by market cap and is competing with some of the biggest traditional funds in daily volume.
Grayscale’s GBTC, which existed as a non-exchange traded fund before it was converted to an ETF in January, has a significantly higher market cap of $24 billion but also has more significant outflows.
When ranked among all non-cryptocurrency ETFs, IBIT’s current market cap places it among the 250 largest funds based on rankings from 8marketcap.
Balchunas noted:
“[$5 billion AUM] puts it in Top 7% of all ETFs by size in just 23 trading days. “
Roughly 3,100 ETFs exist in the US at present.
