BlackRock bitcoin ETF trading volume surpasses $1B for second day in a row

After seeing record trading volumes Monday, IBIT trade volumes soar again as bitcoin price rally continues

February 27, 2024 02:51 pm

BlackRock CEO Larry Fink | WORLD ECONOMIC FORUM/swiss-image.ch/Photo Moritz Hager /"The Global Economic Outlook: Laurence Fink, Joaquim Levy" (CC license)

BlackRock’s bitcoin ETF saw $1 billion worth of trade volume with roughly two hours left in the trading day.

The iShares Bitcoin Trust (IBIT) had traded nearly 32 million shares — worth roughly $1.04 billion — as of 2:30 pm ET, according to Yahoo Finance.

It was the second straight day that BlackRock’s fund achieved the $1 billion trading volume mark.

Nearly 42.5 million shares of IBIT — worth roughly $1.3 billion — traded on Monday, which was an all-time high for the fund since its launch on Jan. 11.

IBIT’s average daily shares traded is about 18.3 million, Yahoo Finance data indicates.

The 10 US spot bitcoin funds collectively saw $3.2 billion in trading volumes on Monday — second only to the roughly $4.5 billion seen on their first day trading.

While IBIT dominated in volume on Monday, its $112 million of net inflows placed third in the category, according to BitMEX Research. The Fidelity Wise Origin Bitcoin Fund (FBTC) and the Ark 21Shares Bitcoin ETF (ARKB) notched inflows of $243 million and $131 million, respectively.

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FBTC had done more than $400 million in trading volumes Tuesday, as of 2:30 pm ET, while ARKB’s daily trading volumes at that time amounted to about $160 million.

The largest spot bitcoin ETF — albeit one that has seen outflows each day over the last seven weeks — is the Grayscale Bitcoin Trust ETF (GBTC). That fund’s Tuesday trading volumes were at nearly $580 million 90 minutes before the closing bell.

GBTC led all spot bitcoin ETFs in daily trading volumes for several weeks until IBIT became the first to edge the product in that category on Feb. 1.

The two straight days of $1 billion-plus trading volume for BlackRock’s bitcoin fund comes as BTC’s price has rallied. The asset rose above $57,000 Tuesday, up about 5% in the last 24 hours and more than 10% higher than it was a week ago.

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