‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume

Feb 07. 2024

By Martin Young

Total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) topped a billion dollars on Feb. 7, with BlackRock leading the pack.

Bloomberg Intelligence analyst James Seyffart described it as a “big volume day” for BlackRock’s IBIT Bitcoin ETF, which saw a daily trading volume of $341.2 million, eclipsing Grayscale Bitcoin Trust’s $296.5 million in volume, according to Seyffart.

Meanwhile, Fidelity’s FBTC fund came in third with $200 million in volume, and the remaining seven funds had $188 million in daily volume — bringing the total for the day to more than a billion dollars.

Seyffart however commented that crossing $1 billion “isn’t that big of a deal” for the Bitcoin ETFs” as “it's a tick-up from recent days but still far below the first couple of weeks of trading.”

Spot Bitcoin ETFs rake it in sans GBTC

Meanwhile, inflows into spot Bitcoin ETFs have continued to outpace bleeding from GBTC for the ninth day in a row.

According to preliminary data from Farside, GBTC notched $81 million of outflows on Feb. 7, while the other nine spot Bitcoin ETFs brought in $226 million of inflows — bringing net flows to $145 million.

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