BlackRock’s Spot Bitcoin ETF has set a new record in the stock market, achieving a trading volume of over $1.1 billion in a single day since its launch in January 2024. This remarkable milestone places the ETF as the 11th most traded among all ETFs on the stock market and also secures a spot in the top 25 traded stocks on Monday. This surge comes amid a significant rally in Bitcoin, which is currently trading above $55,000.
A Surge in Bitcoin and ETF Trading
The entire market of Spot Bitcoin ETFs, with BlackRock’s ETF at the forefront, is experiencing a notable increase in trading volume. Bitcoin’s recent 9% increase in the past 24 hours can be attributed to a combination of factors. These include a rise in crypto investment inflows, a new Bitcoin purchase by MicroStrategy led by Michael Saylor, and endorsements from high-profile figures like former President Trump. These developments have fueled the bullish trend in Bitcoin, potentially setting new trading records for Spot Bitcoin ETFs, including BlackRock’s.
Competition and Market Performance
Despite the success of BlackRock’s ETF, it faces competition from other major BTC ETFs, all of which are currently experiencing a jump in trading volume. According to Eric Balchunas, a Bitcoin expert at Bloomberg, this surge in trading volume is poised to make it the second biggest trading day for Spot Bitcoin ETFs, with the potential to surpass the record set on the first day of trading.
Comparative ETF Trading Volumes
The trading volume of various ETFs highlights the dominance of BlackRock’s ETF in the market, with a trading volume of $1,318,226,580. Other ETFs, such as Grayscale and Fidelity, also report significant trading volumes, but none match the scale of BlackRock’s achievement. The trading volumes of ETFs like Grayscale at $843,654,199, and Fidelity at $587,327,032, along with others such as Ark Invest and Bitwise, showcase the diverse investment opportunities within the crypto ETF market.
