BlackRock’s Bitcoin exchange-traded fund (ETF) has achieved yet another record-breaking daily trading volume, despite a 6% drop in the price of BTC during the U.S. trading day. On March 14, data from Barchart revealed that the iShares Bitcoin Trust (IBIT) traded 99.3 million shares, reaching a trading volume of over $3.9 billion, surpassing its previous record of $3.7 billion set less than 10 days ago on March 5. This surge in trading volume occurred as BTC experienced a 6% decline before starting to recover. IBIT ranked as the eighth-highest volume-traded ETF on March 14, according to Barchart.
BlackRock’s spot Bitcoin ETF has emerged as the top-performing fund in terms of both volume and net inflows among the ten new ETFs launched in January. On March 12, it witnessed a record net inflow day, with $849 million flowing into the fund, marking the largest inflow for any Bitcoin fund to date. However, the Grayscale Bitcoin Trust (GBTC) remains the largest among the ten U.S. Bitcoin ETFs in terms of assets. Although its trading volume on March 14 came second to IBIT at $1.96 billion, as of March 10, Grayscale’s market share among Bitcoin ETFs has fallen below 50%. GBTC has experienced outflows of nearly $11.7 billion since its conversion from a trust to an ETF alongside the launch of the nine new funds.
On March 14, Bloomberg ETF analyst Eric Balchunas highlighted that the combined monthly trading volumes of the ten ETFs have already surpassed the numbers from previous months, even though the month is only halfway through. These ETFs have accumulated $65 billion in volume so far this month, which is over $20 billion more than the roughly $42 billion in volume recorded in February. Net capital inflows to the ETFs have also set a record, exceeding $1 billion in daily net inflows just two days ago on March 12.
In the past 24 hours, Bitcoin has experienced a 2% decline, reaching an intra-day high of over $73,500 before dropping 6.3% to a low of $68,855 just before the U.S. trading day closed at 3:45 pm New York time (7:45 pm UTC). However, it has since recovered by 4% and is currently trading above $71,600.
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