BlackRock’s IBIT Hits $1B Daily Trading Milestone on Bitcoin Rally

Amidst the growing Bitcoin price, BlackRock’s IBIT has crossed the $1 billion daily trading volume milestone on February 26. The update came from an X post by Senior Bloomberg ETF analyst Eric Balchunas. 

BlackRock’s IBIT Defies Market Flaws

While the trading volume does not equate to the amount of retained flows in the spot Bitcoin ETF market, it is also an important metric to acknowledge. 

BlackRock’s IBIT has been outperforming many of its counterparts in the spot Bitcoin ETF market including the high-sponsor fee Grayscale’s GBTC. Recently, IBIT and GBTC both plunged in terms of their pre-market trading volume which underscored their unusual correlation.

To appreciate the current boost in trading volume, BlackRock’s IBIT registered a drop of about 2.02% as it was valued at $29.07 at press time in the Pre-market trading session last week Wednesday. 

This drop came after BlackRock’s IBIT earlier closed at $29.67 on Tuesday with a 0.17% gain. On the other hand, Grayscale’s GBTC dropped 1.94%, until it reached $45.51. This was after the Grayscale Bitcoin ETF closed at $46.41 the previous day, gaining 0.28% in value. 

Resilience of the BlackRock Spot Bitcoin ETF

Beyond the outflows, BlackRock’s IBIT is strongly gaining traction. In comparison with all the other ten spot Bitcoin ETFs, it remains the top on the list with the highest volume per net inflow and assets under management. By mid-February, BlackRock’s IBIT had already registered more than $5 billion in inflows. 

This figure gave the spot Bitcoin ETF a position amongst the top 7% of the ETFs by market capitalization and for a new offering, market experts considers this a laudable achievement. It also ranked as the top 25 among stocks with massive daily flows, a figure that helps registers its mainstream appeal.

It appears that institutional investors are really clamoring around BlackRock’s IBIT. The same attraction has been seen with other spot Bitcoin ETFs but it is not as strong as that expressed towards BlackRock’s IBIT as the figures shows

The growing Bitcoin rally is likely the trigger for the increase in investors’ interest. 

Bitcoin is exhibiting resilience and is currently trading at $54,469.05 with a 5.28% increase in the last 24 hours. This movement supports several statements from experts and market observers about the capacity of the coin to climb to a new high before the coming halving event.