BlackRock’s Bitcoin ETF Tops Trading Volume on Robinhood
According to Steve Quirk, the chief brokerage officer at Robinhood, BlackRock’s spot bitcoin ETF has emerged as the most popular among the 11 new funds available on the platform in terms of trading volume. Quirk stated that customers are seeking a low-cost option to include bitcoin in their investment portfolios. Grayscale’s ETF is also performing well but is predominantly being sold, unlike BlackRock’s which is mainly being bought.
Trading Volume and Grayscale’s Outflows
Although BlackRock’s ETF is leading on Robinhood, Grayscale currently holds the highest trading activity in the broader market. However, a significant portion of Grayscale’s volume is attributed to outflows. The conversion of its flagship GBTC fund into an ETF has resulted in higher fees and larger assets under management. Investors looking to sell prior to the conversion faced substantial discounts.
The Dominance of Top Three Funds
The top three funds by volume, namely Grayscale, BlackRock, and Fidelity, account for over 90% of all spot bitcoin ETF trading. As of 12:47 p.m. ET on the fifth day of trading, the cumulative trading total for all spot bitcoin ETFs reached $12.7 billion.
Spot Bitcoin ETFs Gain Popularity on Robinhood
Riding on the popularity of spot bitcoin ETFs among its users, Robinhood has listed all 11 funds on its trading platform. The company believes that cryptocurrency is the future of finance and that increased accessibility through ETFs will benefit the industry as a whole. With a user base of 23 million individuals, Robinhood considers these ETFs among its top 20 most popular investments.
Hot Take: BlackRock’s Bitcoin ETF Leads the Pack on Robinhood
BlackRock’s spot bitcoin ETF has taken the lead in terms of trading volume on Robinhood, indicating strong demand among users for a low-cost bitcoin investment option. While Grayscale holds the highest overall trading activity, a significant portion of its volume comes from outflows. The top three funds, including Fidelity, dominate the spot bitcoin ETF market, accounting for over 90% of trading. Robinhood’s decision to list all 11 ETFs reflects its belief in the future of cryptocurrency and aims to provide increased access to bitcoin for its 23 million users.
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