Summary
TLDR: BlackRock’s bitcoin ETF and its competitors have seen a surge in trading volumes as BTC price rallies. BlackRock’s iShares Bitcoin Trust reached $2.2 billion in trading volume, breaking records. Grayscale Bitcoin Trust has seen outflows while other ETFs have seen inflows. BTC’s price has risen to over $63,000.
Key Points
1. BlackRock’s iShares Bitcoin Trust (IBIT) has seen a significant increase in trading volumes, reaching $2.2 billion on Wednesday, breaking previous daily highs.
2. Competitors such as Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), Ark 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB) have also experienced spikes in trading volumes, with FBTC reaching $860 million in trade volumes by 1 pm ET on Wednesday.
3. The surge in trading volumes for US spot bitcoin ETFs, excluding the Grayscale Bitcoin Trust ETF (GBTC), has been described as a “craze” by Bloomberg Intelligence analyst Eric Balchunas, with record-breaking daily volumes and heavy net inflows for BlackRock’s IBIT.