‘Big volume day’ for BlackRock as Bitcoin ETFs amount to $1B
Total daily trading volume in Bitcoin exchange-traded funds (ETFs) topped $1 billion on February 7, with BlackRock leading the pack.
Bloomberg Intelligence analyst James Seifert described it as a “big volume day” for BlackRock IShares Bitcoin Trust (IBIT), which saw daily trading volume of $341.2 million, dwarfing Greyscale Bitcoin Trust's $296.5 million volume, according to Seifert.
Meanwhile, Fidelity's FBTC fund came in third with $200 million in volume, while the other seven funds had $188 million in daily volume – bringing their total for the day to over $1 billion.
Seifert, however, commented that crossing $1 billion “isn't that big of a deal for Bitcoin (BTC) ETFs,” adding that “it's a sign from recent days, but it's still well below the first two weeks of trading.”
Big volume day for $IBIT. Total amount over $1 billion for the group. pic.twitter.com/EGzt431oOr
— James Seyff (@JSeyff) February 7, 2024
Spot Bitcoin ETFs sans GBTC
Meanwhile, inflows into the space for Bitcoin ETFs continued to outpace outflows from GBTC for the ninth day in a row.
According to Farside's preliminary data, GBTC received $81 million in outflows on February 7, while the remaining nine Bitcoin ETFs generated $226 million in inflows, bringing net inflows to $145 million.
BlackRock saw inflows of $56 million, Fidelity's fund increased by $130 million, and Bitwise's revenue was $21 million.
In the year On February 8, investor and author Fred Krueger noted that the combined BTC holdings of nine newly launched ETFs could exceed that of the asset's largest corporate owner, MicroStrategy.
ETF funds As of February 7, they hold around 187,000 BTC, while Microstrategy raised 190,000 coins and another 850 BTC in January, increasing its total holdings to more than $8 billion.
“ETFs are eating the world. They've eaten every asset class, and they're grabbing bitcoin for dessert,” he commented.
Tomorrow is the day that green (187 BTC) will be exchanged for orange (190 BTC).
New9 took less than 30 days to pass MSTR in Bitcoin Holdings.
ETFs are eating the world. They've eaten up every asset class, and they're grabbing Bitcoin for the desert. pic.twitter.com/sJDMMxg8sl
— Fred Krueger (@dotkrueger) February 8, 2024
Related: BlackRock and Fidelity Bitcoin ETF Reach Top 10 in January Flows
It was also reported that Fidelity is now allocating Bitcoin to their All-in-One Conservative ETF.
“If they're getting more conservative, that's probably a good sign,” ETF analyst Eric Balchunas commented.
Fidelity has a 1-3% bitcoin allocation in an “all-in-one” asset allocation fund in Canada using the Spot Bitcoin ETF. The “conservative” version is posted below.
When and if this becomes the norm for portfolios in America, wow… @scottmelker pic.twitter.com/1NgoKhzf2b
— Matt Hougan (@Matt_Hougan) February 7, 2024
Magazine: Wolf of All Streets Worries About Bitcoin Hitting $1M World: Flame Hall
