BlackRock’s new Bitcoin fund is so popular that the iShares Bitcoin Trust (IBIT) today set a new trading day record, attracting nearly $3.8 billion in volume.
nasdaq data show IBIT’s trading volume was $3.75 billion, breaking the previous record of $3.3 billion set just last week.
This trading action comes after Bitcoin prices hit new highs earlier today. According to CoinGecko, the largest cryptocurrency reached over $69,000 per coin on Coinbase, the largest cryptocurrency exchange in the United States, but has since fallen rapidly and is now priced at $63,500. .
IBIT is one of the new U.S.-traded spot Bitcoin exchange-traded funds (ETFs), with the Securities and Exchange Commission (SEC) giving a thumbs-up to the product on January 11 and since then The product is attracting a lot of interest.
Ten of these funds are currently trading in the United States, and all but one have seen significant cash inflows. Grayscale Bitcoin Trust converted from a trust to an ETF, prompting longtime investors to cash out.
The fund is traded on a stock exchange and allows investors to buy stocks that are linked to the price of Bitcoin. This eliminates the need for investors to worry about where their assets are stored.
Today, the trading volume of 10 Bitcoin ETFs exceeded $10 billion, a new record.
BlackRock is the world’s largest fund manager and therefore the most famous and well-known brand for Bitcoin products. IBIT currently manages over $10 billion in assets and is experiencing the largest inflow of capital.
Fund managers hope Spot Ethereum ETF will be approved by the SEC. Yesterday, the regulator postponed a decision on the fund for the second time. The fund will give investors exposure to the second-largest digital asset by market capitalization.
Edited by Ryan Ozawa.
