With a trading volume of $10 billion, ten spot bitcoin exchange-traded funds (ETFs) broke their previous record on Tuesday. With more than 170,000 bitcoins under management (AUM) and over $11 billion in assets under management (AUM), Blackrock’s Ishares Bitcoin Trust (IBIT) is still in the lead.
Record-High Volume Day for Bitcoin ETFs Spotted
Exchange-traded funds (ETFs) that track 10 spot bitcoin broke their previous trading volume record last Wednesday, continuing their record-breaking run this week. The ensuing price fall of bitcoin and its ascent to a new all-time high occurred at the same time. Eric Balchunas, a Bloomberg ETF analyst, posted on social media on Monday.
MILESTONE: The $10 billion in volume handled by the ten bitcoin ETFs today shatters the previous record set last Wednesday. ETFs are known for their volatility and volume, so this is not entirely surprising. Still, these are insanely high figures for ETFs that are less than two months old. ARKB, BITB, FBTC, and IBIT all had record days.
Tuesday’s spot bitcoin ETF trading volumes indicate a record day. Eric Balchunas of Bloomberg is the source.
The top ten bitcoin exchange-traded funds (ETFs) are: Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin ETF (BRRR), Bitwise Bitcoin ETF (BITB), Ark 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), and Grayscale Bitcoin Trust (GBTC).
As of March 4, Blackrock’s IBIT had accumulated more than 170K BTC since its debut.
As of March 4, IBIT’s holdings of bitcoin. Source: The Ishares page for Blackrock.
Because of the increasing demand for spot bitcoin ETFs and the impending Bitcoin halving, many people predict more price increases for BTC. Numerous well-known personalities in the cryptocurrency world have made optimistic forecasts on the price of bitcoin this year. The chief information officer at Bitwise believes that there is “too much demand and not enough supply,” and he predicts a spike above $200,000. The creator of Skybridge Capital thinks there is still time to invest in Bitcoin, while the CEO of Galaxy Digital expects “tremendous global demand for bitcoin.” In keeping with the general upbeat mood, seasoned trader Peter Brandt increased his price goal for the current Bitcoin bull market to $200,000. JPMorgan, on the other hand, defies upbeat market expectations and projects that the price of bitcoin will fall to $42,000 following the halving.
What are your thoughts on spot bitcoin ETFs breaking records going forward? Tell us in the space provided for comments below.