On Feb. 7, the total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) surged past $1 billion, with BlackRock leading the charge.
Bloomberg Intelligence analyst James Seyffart highlighted a significant trading day for BlackRock’s iShares Bitcoin Trust (IBIT), which recorded a daily trading volume of $341.2 million, surpassing the volume of the Grayscale Bitcoin Trust, which stood at $296.5 million.
Fidelity’s FBTC fund secured the third position with a trading volume of $200 million, while the remaining seven funds collectively accounted for $188 million in daily trading volume, culminating in a total exceeding $1 billion for the day.
Seyffart tempered the enthusiasm surrounding the milestone, noting that surpassing $1 billion in trading volume “isn’t that big of a deal” for Bitcoin ETFs. He explained that while it represents an increase from recent days, it remains significantly below the trading volumes witnessed during the initial weeks of trading.
Despite fluctuations, inflows into spot Bitcoin ETFs have consistently outpaced outflows from the Grayscale Bitcoin Trust for nine consecutive days.
According to preliminary data from Farside, while GBTC experienced $81 million in outflows on Feb. 7, the other nine spot Bitcoin ETFs collectively attracted $226 million in inflows, resulting in net flows of $145 million. Notably, BlackRock witnessed an inflow of $56 million, Fidelity’s fund increased by $130 million, and Bitwise recorded inflows of $21 million.
Investor Fred Krueger highlighted that the combined Bitcoin holdings of the nine newly launched ETFs were on the verge of surpassing those of MicroStrategy, the largest corporate holder of the asset. As of Feb. 7, the ETFs collectively held around 187,000 BTC, while MicroStrategy held 190,000 coins.
Fidelity’s decision to allocate spot Bitcoin to their All-in-One Conservative ETF was seen as a positive sign by ETF analyst Eric Balchunas, indicating potential growth and diversification within the conservative ETF market.
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