Summary
TLDR: US bitcoin ETFs hit record volumes with $7.6 billion traded, led by BlackRock’s IBIT at $3.3 billion. Fidelity’s FBTC traded $1.4 billion and Grayscale’s GBTC saw $1.8 billion. The volumes are driven by natural demand, not algorithms, and major platforms like Morgan Stanley are considering adding the ETFs. Bitcoin climbed near record highs of $64,000 before settling at $60,000.
Key Points
1. The US bitcoin ETFs have reached a total volume of $7.6 billion, with BlackRock’s IBIT contributing $3.3 billion, Fidelity’s FBTC at $1.4 billion, and Grayscale’s GBTC at $1.8 billion.
2. The previous record for ETF volume was $4.6 billion on launch day, indicating a significant increase in interest and trading activity.
3. Natural demand, rather than algorithmic trading, is driving the high volumes of bitcoin ETFs, with major platforms like Morgan Stanley considering adding them to their brokerage platform.