BlackRock Bitcoin ETF Volumes Top $1 Billion For A Second Consecutive Day As BTC Targets $60K

Updated: 28 February 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

BlackRock’s spot Bitcoin ETF (exchange-traded fund) recorded more than $1 billion in trading volume for the second consecutive day as BTC surged towards $60K.

BlackRock’s iShares Bitcoin Trust (IBIT) registered a record $1.357 billion in daily trading volume on Feb. 27, slightly more than the $1.3 billion it recorded a day earlier, said Bloomberg Intelligence ETF analyst Eric Balchunas in a post on X.

BlackRock IBIT Trading Doubled

Data from Nasdaq shows almost 42 million IBIT shares exchanged hands yesterday, which is more than double the average amount of shares traded since IBIT was launched in January.

The X user HODL15Capital noted in an X post that IBIT was one of the most active funds amongst all ETFs listed in the U.S. as well, recording the fifth highest volume. Fidelity’s bitcoin ETF (FBTC) also experienced “strong” volume.

Balchunas said that the collective volume of the U.S.-listed spot bitcoin ETFs topped $2 billion on Feb. 27, falling just short of the previous day’s record of $2.4 billion.

Although trading volume can include both buy and sell activity, data from BitMEX Research suggests the majority of the volume was buy-related, as the funds witnessed around $520 million in net inflows on Feb. 26. Funds continued to leave Grayscale’s GBTC, however, with minor outflows recorded on the same day.

[1/3] Bitcoin ETF Flow – 26th Feb 2024

All data in. Strong day with $520m net inflow

Total net inflow since 11th Jan is $6,030m. pic.twitter.com/Iz4khAzEev

— BitMEX Research (@BitMEXResearch) February 27, 2024

The BlackRock Bitcoin ETF Saw A Drop In Inflows

Fidelity led the way with $243 million in inflows, while ARK and 21 Shares’ ARKB posted $130 million in inflows to come in second. IBIT saw a reduction in inflows compared to its average since it started trading on Jan. 11, with only $111 million entering the fund.

The substantial amount of trading volume came as BTC escaped a period of flat trading to break past several long-standing resistance levels. This rally continued over the past 24 hours, as the market leader rose more than 4% to trade at $59,222.85 as of 5:40 a.m. EST.