BlackRock’s new Bitcoin fund is immensely popular: the iShares Bitcoin Trust (IBIT) set a new trading day record today, attracting close to $3.8 billion in volume.
Nasdaq data shows that IBIT’s trading volume was $3.75 billion—smashing the previous record of $3.3 billion set just last week.
The trading actions come as Bitcoin’s price hit a new high earlier today. The biggest cryptocurrency broke above $69,000 per coin on America’s biggest crypto exchange, Coinbase—although it then dropped quickly and is now priced at $63,500, according to CoinGecko.
IBIT is one of the new spot Bitcoin exchange-traded funds (ETFs) trading in the U.S. The Securities and Exchange Commission (SEC) said yes to the products on January 11, and they’ve been drawing massive interest ever since.
Currently, 10 of the funds are trading in the U.S. and all of them are seeing large inflows of cash except for one: the Grayscale Bitcoin Trust, which converted from a a trust to an ETF and prompted long-time investors to cash out.
The funds trade on stock exchanges and allow investors to buy shares that track the price of Bitcoin. This way, investors don’t need to worry about where to store the asset.
Today, the 10 Bitcoin ETFs did more than $10 billion in trading volume—a new record.
BlackRock is the world’s biggest fund manager and, therefore, the most prestigious and well-known brand with a Bitcoin product. IBIT now has over $10 billion in assets under management and has experienced the biggest inflows.
The fund manager hopes to get a spot Ethereum ETF approved by the SEC. Yesterday, the regulator delayed a decision on the fund for the second time. The fund would give investors exposure to the second-biggest digital asset by market cap.
Edited by Ryan Ozawa.
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