Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
BlackRock Bitcoin ETF trades over $1 billion in the first 20 minutes

BlackRock Bitcoin ETF trades over $1 billion in the first 20 minutes

Cryptobriefing2024/11/06 18:11
By:Cryptobriefing

Key Takeaways

  • BlackRock's Bitcoin ETF traded over $1 billion within the first 20 minutes on Wednesday.
  • Trading volume doesn't translate directly to net inflows or outflows.

BlackRock’s spot Bitcoin ETF (IBIT) recorded over $1 billion in trading volume within the first 20 minutes of market opening on November 6, according to Bloomberg ETF analyst Eric Balchunas.

At the time of writing, over $2.5 billion worth of IBIT shares traded hands, Coinglass data shows. Meanwhile, Fidelity’s FBTC saw around $464 million in volume, followed by Grayscale’s GBTC, per Coinglass.

Trading volume, which represents both buying and selling activity, doesn’t directly translate to net inflows. For instance, of the $4.5 billion in first-day volume for Bitcoin ETFs, only about $600 million constituted actual inflows.

Balchunas suggested that IBIT could end today with huge inflows. Historically, large volume spikes during a rally have often preceded significant inflows into Bitcoin ETFs, the analyst said.

His projection was based on similar patterns observed on October 30, when IBIT’s trading volume surpassed $3.3 billion, which later converted into $643 million in net buying, Crypto Briefing reported . That marked the fund’s heaviest inflow since March 12 when Bitcoin neared $73,000.

According to data tracked by Farside Investors, IBIT shed over $44 million yesterday. US spot Bitcoin ETFs also ended the day with approximately $117 million in net outflows, extending its losing streak to three consecutive days.

The recent spike in IBIT trading comes amid Bitcoin’s price rally to around $74,400, up over 6% in the last 24 hours.

Bitcoin recently established a new record high of $75,358 on CoinGecko . The milestone was achieved against the backdrop of the 2024 US elections, with projections indicating that Donald Trump was set to secure a second term in office.

Trump’s victory was later confirmed as major media outlets, including FOX News, the Associated Press, and NBC, officially declared him the winner of the 2024 election.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like