BlackRock’s spot BTC ETF tops $720M in daily volume, marking highest level to date

BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a new record high in daily trading volume, surpassing $720 million on February 14th. This milestone positions IBIT as the top spot Bitcoin ETF in terms of volume, according to Coinglass data. Bloomberg ETF analyst Eric Balchunas described this surge in volume as an “unusual second wind strength” for the fund. He noted that typically, high volume for newly launched ETFs suggests inflows, as there are fewer investors looking to sell compared to ETFs with pre-existing holders. In contrast, Grayscale Bitcoin Trust (GBTC) recorded $72.8 million in outflows on February 13th, indicating a significant decrease in selling pressure. At the time of reporting, GBTC reported $681 million in volume, while the Fidelity Wise Origin Bitcoin Fund (FBTC) registered $455 million. BlackRock’s total inflows are expected to exceed $5 billion, with their Bitcoin holdings reaching over 96,669 BTC. IBIT also ranks second in terms of market cap among spot Bitcoin ETFs, trailing behind GBTC which has a market cap of $24 billion but has experienced higher outflows. The current market cap of IBIT places it within the top 250 largest funds among all non-cryptocurrency ETFs.