Bitcoin ETF

Bitcoin

BlackRock’s spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded fund (ETF) has notched another daily trading volume record as BTC dropped 6% from its daily high over the United States trading day.&nbsp;
Barchart <a href="https://www.barchart.com/etfs-funds/quotes/IBIT/overview" target="_blank" rel="noopener noreferrer nofollow">data</a> for March 14 shows the iShares Bitcoin Trust (IBIT) traded 99.3 million shares in the day — a trading volume of over $3.9 billion and beating its previous <a href="https://cointelegraph.com/news/bitcoin-etfs-set-volume-record-btc-price-high" rel="noopener noreferrer nofollow">$3.7 billion volume record</a> set less than 10 days ago on March 5.
It came as BTC dropped 6% from its daily high over the U.S. trading day, which has since begun to recoup.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/f05f4cbe-e228-45bd-a634-8e847c5d8d47.png">
 <figcaption style="text-align: center;">IBIT was the eighth-highest volume-traded ETF on March 14. Source: Barchart
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BlackRock's spot Bitcoin ETF has been the top-performing fund by volume and net inflows among the ten new ETFs launched in January.
It saw a record net inflow day on March 12, with $849 million of flows — the largest of any Bitcoin fund so far.
The Grayscale Bitcoin Trust (GBTC), however, remains the largest of the ten U.S. Bitcoin ETFs by assets. Though its March 14 trading volume came second to IBIT at $1.96 billion.
As of March 10, Grayscale’s ETF <a href="https://cointelegraph.com/news/grayscale-gbtc-bitcoin-etf-market-share-falls-50" rel="noopener noreferrer nofollow">market share among the Bitcoin ETFs has fallen</a> below 50%. GBTC has seen outflows of nearly $11.7 billion since it converted from a trust to an ETF alongside the launch of the nine new funds.
Related: <a href="https://cointelegraph.com/news/franklin-templeton-publishes-memecoins-investor-note" rel="noopener noreferrer nofollow">Franklin Templeton goes ‘full degen’ with investor note on memecoins</a>
Bloomberg ETF analyst Eric Balchunas <a href="https://twitter.com/EricBalchunas/status/1768373227405865151" target="_blank" rel="noopener noreferrer nofollow">shared</a> to X on March 14 that despite the month being halfway over, the ten ETFs’ combined monthly trading volumes have “already smashed the numbers” from prior months.
The ETFs have taken $65 billion in volume so far this month, over $20 billion more than the roughly $42 billion in volume for February.
Net capital inflows to the ETFs have also kept pace, setting a record of <a href="https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow" rel="noopener noreferrer nofollow">over $1 billion</a> in daily net inflows just two days ago on March 12.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/f095a416-f9b0-4b8d-bf3f-bb2985555e18.png">
 <figcaption style="text-align: center;">Total monthly volume for all ten U.S. Bitcoin ETFs, March data until March 14. Source: <a href="https://twitter.com/EricBalchunas/status/1768373227405865151" target="_blank" rel="noopener noreferrer nofollow">Eric Balchunas on X</a>
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Bitcoin, meanwhile, fell 2% in the past 24 hours, per Cointelegraph <a href="https://pro.cointelegraph.com/coins/bitcoin" rel="noopener noreferrer nofollow">Markets Pro</a>.
It hit an intra-day high of over $73,500 <a href="https://cointelegraph.com/news/bitcoin-price-slips-us-macro-data-inflation" rel="noopener noreferrer nofollow">before falling</a> 6.3% to a low of $68,855 just before the U.S. trading day close at 3:45 pm New York time — 7:45 pm UTC.
It’s since recovered 4% and is currently back above $71,600.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/b2b3672c-c85e-4ee1-9d62-abd74504a20f.png">
 <figcaption style="text-align: center;">Bitcoin’s 24-hour price on March 14, times in UTC. Source: Cointelegraph Markets Pro
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Magazine: <a href="https://cointelegraph.com/magazine/crypto-bull-run-china-bitcoin-herbert-sim-hall-of-flame/" rel="noopener noreferrer nofollow">The Bitcoin Man, X Hall of Flame: China will intensify Bitcoin bull run, $1M by 2028</a>

BlackRock’s Bitcoin ETF sets daily volume record as BTC recoups slump

Cointelegraph

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