The Rise of Bitcoin ETFs: BlackRock’s IBIT Dominates Nasdaq Trading Volumes
If you’ve been following the latest trends in the crypto market, you’ll know that Bitcoin ETFs are experiencing a surge in trading volumes. One particular ETF, BlackRock’s IBIT, has been setting new records on Nasdaq with its daily trading volume.
Record-Breaking Trading Volumes for IBIT on Nasdaq
- IBIT, the Bitcoin ETF by BlackRock, has been breaking records with its daily trading volume on Nasdaq.
- On Monday, IBIT exceeded $1.3 billion in trading volume for the first time in its history.
- The following day, it reached almost $1.37 billion in trading volume.
- Previously, the record was set on the launch day of January 11, 2024, when it surpassed $1 billion.
- February 12 saw another surpassing of the $1 billion mark, followed by the recent record-breaking days.
High Trading Volumes Across Other ETFs
While IBIT is leading the pack in terms of trading volumes on Nasdaq, other Bitcoin ETFs are also experiencing high volumes:
- FBTC by Fidelity is in second place with trading volumes exceeding $685 million.
- ARKB by Ark Invest has risen to over $200 million in trading volume.
The Decline of Grayscale Bitcoin Trust and Rise of BlackRock’s ETF
The Grayscale Bitcoin Trust (GBTC) has seen a decline in trading volumes since becoming an ETF. Many investors are opting for newer ETFs due to lower commission costs:
- Before becoming an ETF, GBTC held almost 620,000 BTC; now it has dropped to 444,000 BTC.
- Newer ETFs like IBIT and FBTC are quickly gaining traction and may surpass GBTC in holdings soon.
The Emergence of New Dominant ETFs
While GBTC still holds more Bitcoin than any other ETF globally, newer players like IBIT and FBTC are gaining ground:
- IBIT by BlackRock is leading in trading volume and second-largest in terms of AUM with over 130,000 BTC.
- FBTC by Fidelity holds nearly 100,000 Bitcoins corresponding to an AUM of over $5.5 billion.
A Year of Transformation for Bitcoin Market
With the rise of new dominant ETFs like IBIT and FBTC, along with the decline of GBTC’s supremacy, it’s clear that 2024 is a year of significant change for the Bitcoin market. Stay tuned for more updates!
Hot Take: The Evolution of Bitcoin ETF Market Signals Major Shifts Ahead
The surge in trading volumes for BlackRock’s IBIT on Nasdaq reflects a changing landscape in the crypto market. As newer ETFs gain traction and older ones face declining volumes, it’s evident that investors are looking for more competitive options. Keep an eye on the evolving market dynamics as we witness a transformative year for Bitcoin investments!
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