Spot Bitcoin Exchange Traded Fund (ETF) total daily trading volume exceeded $1 billion on February 7th, with BlackRock leading the way.
Bloomberg Intelligence analyst James Seifert said it was a “huge volume day” for BlackRock’s IBIT Bitcoin ETF, with daily trading volume of $341.2 million and Grayscale’s That surpassed Bitcoin Trust’s trading volume of $296.5 million, Seifert said.
Meanwhile, Fidelity’s FBTC fund ranked third with a volume of $200 million, while the remaining seven funds had a daily volume of $188 million, bringing their total daily volume to more than $1 billion.
But Seyfert commented For the Bitcoin ETF, exceeding $1 billion is “not that big of a deal,” he said. “Although it’s been up over the last few days, it’s still well below where it was in the first few weeks of trading.”
big volume day $IBIT. The total value of the group as a whole exceeds $1 billion. https://t.co/Fv8G4P7cvb pic.twitter.com/EGzt431oOr
— James Seyffert (@JSeyff) February 7, 2024
Spot Bitcoin ETF collects profits without GBTC
Meanwhile, inflows to Spot Bitcoin ETFs have exceeded outflows from GBTC for nine consecutive days.
According to preliminary information data According to information from Pharcyde, GBTC recorded an outflow of $81 million on February 7th, while nine other Bitcoin spot ETFs had an inflow of $226 million, with a net inflow of $100 million. The total amount was 45 million dollars.
BlackRock had inflows of $56 million, Fidelity’s fund increased by $130 million, and Bitwise had inflows of $21 million.
On February 8, investor and author Fred Krueger said that the combined BTC holdings of nine newly launched ETFs are about to exceed the holdings of MicroStrategy, the largest corporate holder of the asset. Observed.
The ETF fund held approximately 187,000 BTC as of February 7, while MicroStrategy held 190,000 coins after raising an additional 850 BTC in January, increasing its total holdings to more than $8 billion. .
“ETFs are eating away at the world. They’re eating all the other asset classes and eating Bitcoin for dessert,” he commented.
Tomorrow is the day when green (187 BTC) will replace orange (190 BTC).
It will take less than 30 days for New9 to overtake Bitcoin Holdings’ MSTR.
ETFs are eating up the world. They eat all the other asset classes and have Bitcoin for dessert. pic.twitter.com/sJDMMxg8sl
— Fred Krueger (@dotkrueger) February 8, 2024
Related: BlackRock and Fidelity Bitcoin ETF ranks in top 10 in January flow
It was also reported that Fidelity is currently allocating spot Bitcoin to an all-in-one conservative ETF.
“If we’re seeing more conservative trends, that’s probably a good sign,” said ETF analyst Eric Balchunas.
Fidelity uses Spot Bitcoin ETFs in its Canadian “all-in-one” asset allocation fund, which allocates 1% to 3% of Bitcoin. The “conservative” version is posted below.
It would be amazing if this became the standard for US portfolios… @Scott Melker pic.twitter.com/1NgoKhzf2b
— Matt Hougan (@Matt_Hougan) February 7, 2024
magazine: The Wolf of All Street is concerned about a world where Bitcoin reaches $1 million: Hall of Fire
