Summary
TLDR: Trading volumes for US spot bitcoin ETFs hit a new high after BTC reached $69,000. BlackRock’s IBIT had the highest volume, followed by GBTC and FBTC. Demand for these ETFs has surged as BTC price rises. Despite some outflows, the 10 funds have seen $8 billion in net inflows since launching in January.
Key Points
1. Trading volumes for US spot bitcoin ETFs reached a new daily high just hours after BTC hit a record price of about $69,000, totaling roughly $9.5 billion on Tuesday.
2. BlackRock’s iShares Bitcoin Trust (IBIT) led the way on volumes with $3.7 billion worth of the fund’s shares trading on the day, followed by the Grayscale Bitcoin Trust ETF (GBTC) and the Fidelity Wise Origin Bitcoin Fund (FBTC) with $2.8 billion and $2 billion, respectively.
3. Demand for US spot bitcoin ETFs has surged in recent weeks as BTC price marched to an all-time high, with the 10 funds seeing roughly $8 billion of net inflows since launching on Jan. 11, despite higher-priced GBTC experiencing nearly $9.3 billion of net outflows.