Bitcoin ETF: Blackrock Sees 6th Day of $1 Bln Trading Volume As Bull Run Continues

Bitcoin ETFs have shattered multiple records with exceptionally high trading volumes and inflows. Out of all, Blackrock has seen the most success after being the one leading the pack. On Monday, Blackrock’s IBIT saw another day of around $1 billion in trading volumes, making it the sixth consecutive trading session. The surge in Bitcoin ETF performance has also led to the surge in Bitcoin prices, which have crossed the much-awaited $65,000 mark.

Blackrock’s Bitcoin ETF Marks Another Session of $1 Billion Trading Volume

According to data, for the sixth day running, BlackRock’s spot Bitcoin ETF has seen trading volume reach $1 billion. Blackrock’s upbeat performance has also pushed it to be among the top 5 in the entire ETF market. Earlier, IBIT had taken the seventh position in the overall ETF chart. However, a rise in risk appetite from investors and a surging demand led to Blackrock seeing exceptionally high inflows and trading volume.

Also Read: Crypto Stocks Rally After Massive $1.8B Bitcoin, ETH ETF Inflow

Bitwise CIO Terms Bitcoin ETF as the “Most Successful” ETF

In an interview with Yahoo Finance, Bitwise CIO expressed his opinion on the current success of Bitcoin ETFs.

The demand for these ETFs, according to Bitwise Asset Management CIO Matt Hougan, “far exceeded anyone’s expectations.” These are the most successful ETF launches ever by any measure, he adds.

According to Matt Hougan’s earlier statements, there is currently an excess of demand and a shortage of supply for Bitcoin. It is more likely that investors will pay exorbitant rates for a small percentage of asset exposure when there is a shortage of the initial coin. This same supply shock has also created a huge demand pool for both BTC and Bitcoin ETFs.

Digital Assets see High Weekly Inflows

A remarkable $1.84 billion inflow into digital asset investment products was noted in CoinShares’ report; this represents the second-largest weekly inflow on record. Interestingly, record-breaking trade volumes—which exceeded $30 billion for the week—accompanied this spike.
As for the inflows, Bitcoin led the way with $1.73 billion, or 94% of the total. Furthermore, there was a notable surge in Ethereum as well, with inflows reaching $85 million, the biggest level since mid-July 2022.