BlackRock’s Bitcoin ETF Achieves Record Daily Volume Amid BTC Recovery

BlackRock’s spot Bitcoin exchange-traded fund (ETF) experienced a surge in daily trading volume, with nearly 100 million shares of its Bitcoin funds traded on Thursday. This sets a new record for daily trading volume, surpassing the previous record set less than 10 days ago.

On March 14, the iShares Bitcoin Trust (IBIT) traded over 99.3 million shares, equivalent to a trading volume of more than $3.9 billion. This milestone occurred as BTC saw a 6% decline from its daily high during U.S. trading hours. However, BTC has since started to recover.

BlackRock’s Bitcoin ETF has been leading in both trading volume and net inflows among the ten new ETFs launched in January. It witnessed a record-breaking day of net inflows on March 12, with $849 million flowing in, marking the highest among all Bitcoin funds.

Despite BlackRock’s ETF dominance, the Grayscale Bitcoin Trust (GBTC) remains the largest among the ten U.S. Bitcoin ETFs in terms of assets. However, on March 14, IBIT surpassed GBTC in trading volume, reaching $1.96 billion.

Since March 10, Grayscale’s ETF market share among Bitcoin ETFs has dipped below 50%, with significant outflows totaling nearly $11.7 billion since its conversion from a trust to an ETF.

Bloomberg ETF analyst Eric Balchunas noted that the combined monthly trading volumes of the ten ETFs have already exceeded previous months’ figures halfway through March. These ETFs have amassed a total volume of $65 billion this month, surpassing February’s volume by over $20 billion.

Additionally, the ETFs have maintained a steady pace of net capital inflows, setting a record of over $1 billion in daily net inflows on March 12.

Meanwhile, Bitcoin experienced a 2% decline in the past 24 hours, reaching an intra-day high of over $73,500 before dropping to a low of $68,855 just before the close of the U.S. trading day. However, it has since rebounded by 4%, currently trading above $71,600.