Bitcoin ETFs Reach Milestone: $10 Billion in Trading Volume
The recent surge in Bitcoin’s price to a new all-time high resulted in a correction, causing a drop of over 10%. However, this volatility fueled demand for spot Bitcoin ETFs, leading to a record-breaking day in trading volume. During the session, spot Bitcoin ETFs reached a staggering $10 billion in trading volume, surpassing last week’s daily record.
Some key points:
- Bitcoin reached a new all-time high of $69,325, but quickly saw a significant drop in price.
- Ten spot Bitcoin ETFs collectively reached a trading volume of $10 billion.
- Fidelity’s FBTC, BlackRock’s IBIT, Bitwise’s BITB, and ARKB (co-managed by Ark Invest and 21Shares) broke their personal trading volume records.
- BlackRock’s IBIT became the first spot Bitcoin ETF issuer to surpass $10 billion in assets, achieving this milestone in just seven weeks.
BlackRock’s IBIT Joins the $10 Billion Club
BlackRock’s IBIT ETF made history by becoming the first spot Bitcoin ETF issuer to reach $10 billion in assets. This achievement solidifies its position among the few ETFs that have surpassed this figure. It took only seven weeks for BlackRock to reach this milestone, joining an exclusive club of 152 ETFs.
Some key points:
- BlackRock’s IBIT ETF reached $10 billion in assets, making it the fastest issuer to achieve this milestone.
- BlackRock’s iShares Bitcoin ETF has been performing well, attracting significant inflows and record trading volume.
- Other spot Bitcoin ETFs, such as FBTC, ARKB, and BITB, also have considerable assets under management.
Bitcoin’s Incredible Run and Volatility
Bitcoin’s price experienced significant swings throughout the trading day, reaching a new all-time high before undergoing a correction. The price dropped to $60,860, resulting in similar price drops for spot Bitcoin ETFs.
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