2024

Bitcoin

BlackRock

Total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) topped a billion dollars on Feb. 7, with BlackRock leading the pack.
Bloomberg Intelligence analyst James Seyffart described it as a “big volume day” for BlackRock’s iShares Bitcoin Trust (IBIT), which saw a daily trading volume of $341.2 million, eclipsing the Grayscale Bitcoin Trust’s $296.5 million in volume, according to Seyffart. 
Meanwhile, Fidelity’s FBTC fund came in third with $200 million in volume, and the remaining seven funds had $188 million in daily volume — bringing the total for the day to more than a billion dollars.
Seyffart, however,&nbsp;<a href="https://twitter.com/JSeyff/status/1755366538620641386" target="_blank" rel="noopener nofollow">commented</a> that crossing $1 billion “isn’t that big of a deal” for the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs” as “it’s a tick-up from recent days but still far below the first couple of weeks of trading.”
<blockquote class="twitter-tweet">
 Big volume day for <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a>. Total volume over $1 billion for the group. <a href="https://t.co/Fv8G4P7cvb">https://t.co/Fv8G4P7cvb</a> <a href="https://t.co/EGzt431oOr">pic.twitter.com/EGzt431oOr</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1755336511791169574?ref_src=twsrc%5Etfw">February 7, 2024</a>
</blockquote> 
<h2 data-ct-non-breakable="true" id="spot-bitcoin-etfs-rake-it-in-sans-gbtc">Spot Bitcoin ETFs rake it in sans GBTC</h2>
Meanwhile, inflows into spot Bitcoin ETFs have continued to outpace bleeding from GBTC for the ninth day in a row. 
<a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">According</a> to preliminary data from Farside, GBTC notched $81 million of outflows on Feb. 7, while the other nine spot Bitcoin ETFs brought in $226 million of inflows, bringing net flows to $145 million.
BlackRock saw an inflow of $56 million, <a href="https://cointelegraph.com/news/fidelity-bitcoin-etf-offsets-grayscale-gbtc-bleeding-in-shifting-tide">while Fidelity’s fund</a><a href="https://cointelegraph.com/news/fidelity-bitcoin-etf-offsets-grayscale-gbtc-bleeding-in-shifting-tide"></a> increased by $130 million, and Bitwise’s inflows were $21 million. 
On Feb. 8, investor and author Fred Krueger observed that the combined BTC holdings of the newly launched nine ETFs were about to exceed those of the largest corporate holder of the asset, MicroStrategy. 
The ETF funds hold around 187,000 BTC as of Feb. 7, whereas MicroStrategy holds 190,000 coins after <a href="https://cointelegraph.com/news/microstrategy-q4-earnings-buys-850-bitcoin-michael-saylor">snapping up another 850 BTC</a><a href="https://cointelegraph.com/news/microstrategy-q4-earnings-buys-850-bitcoin-michael-saylor"></a> in January, increasing its total holdings to a value of more than $8 billion. 
“ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for dessert,” he commented. 
<blockquote class="twitter-tweet">
 Tomorrow is the day the Green (187 BTC) switches places with the Orange (190 BTC). It will have taken less than 30 days for the New9 to overtake MSTR in Bitcoin Holdings. ETFs are eating the world. They ate every other asset class, and they're having Bitcoin for desert. <a href="https://t.co/sJDMMxg8sl">pic.twitter.com/sJDMMxg8sl</a>— Fred Krueger (@dotkrueger) <a href="https://twitter.com/dotkrueger/status/1755390565427081409?ref_src=twsrc%5Etfw">February 8, 2024</a>
</blockquote> 
Related: <a href="https://cointelegraph.com/news/blackrock-fidelity-bitcoin-etfs-top-10-for-january-flows-morningstar">BlackRock and Fidelity Bitcoin ETFs reach top 10 in January flows</a>
It was also reported that Fidelity is now allocating spot Bitcoin to their All-in-One Conservative ETF. 
“If they’re adding to conservative, that’s probably a good sign,” commented ETF analyst Eric Balchunas. 
<blockquote class="twitter-tweet">
 Fidelity has a 1-3% bitcoin allocation in their "All-in-One" asset allocation funds in Canada, using spot bitcoin ETFs. The "Conservative" version is posted below. When and if this become the norm for portfolios in the US, wow... <a href="https://twitter.com/scottmelker?ref_src=twsrc%5Etfw">@scottmelker</a> <a href="https://t.co/1NgoKhzf2b">pic.twitter.com/1NgoKhzf2b</a>— Matt Hougan (@Matt_Hougan) <a href="https://twitter.com/Matt_Hougan/status/1755243999252914498?ref_src=twsrc%5Etfw">February 7, 2024</a>
</blockquote> 
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume

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