The Bitcoin ETF market is witnessing unprecedented excitement, with BlackRock’s bitcoin ETF smashing records by trading $3.3 billion in a single day, doubling its previous volume record. This surge comes as the price of bitcoin soared to $64,000, marking a significant moment in cryptocurrency trading.
Wednesday was a landmark day for U.S. spot bitcoin ETFs, seeing a massive influx in trading as bitcoin’s price peaked before taking a sharp downturn. The frenzy was highlighted by BlackRock’s ETF (IBIT), setting a new record for the third consecutive day with over 96 million shares traded.
The collective trading volume for the ten spot BTC ETFs hit a staggering $7.7 billion, showcasing the growing investor interest in cryptocurrency through ETFs. Among them, Grayscale’s GBTC and Fidelity’s FBTC both saw volumes exceeding the $1 billion mark, underscoring the burgeoning demand for bitcoin-backed financial products.
As the day progressed, IBIT ranked as the fourth most traded ETF in the U.S., with three other bitcoin ETFs also making it to the top 20. The remarkable trading volumes are not just numbers but a testament to the growing craze and acceptance of cryptocurrencies in mainstream investment portfolios.
Behind this surge is a clear signal of investor enthusiasm for spot bitcoin ETFs, propelling bitcoin’s value and highlighting the significant role these financial instruments play in the crypto market’s dynamics.
