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BlackRock’s Bitcoin ETF Breaks Personal Record With $1.3B Volume: Bloomberg Intelligence

BlackRock’s spot Bitcoin exchange-traded fund (ETF), trading under the ticker symbol “IBIT,” achieved a significant milestone on Tuesday, recording a record daily volume of $1.3 billion, as reported by Eric Balchunas from Bloomberg Intelligence.

The U.S.-listed IBIT continues to dominate the market, setting unprecedented records and garnering immense interest from investors.

“Another day of intense volume for the Nine, with well over $2 billion traded. $IBIT surpassed its previous record with $1.3 billion (for context, that’s more than the trading volume of most large-cap US stocks). I’m unsure if this is the new norm or some form of short-term algorithmic/arbitrage-driven surge akin to $HODL,” Balchunas posted on X.

“Additionally, it’s interesting to note that $IBIT witnessed over 100,000 individual trades today. It had been averaging 30-60k trades until Tuesday. It’s as if it discovered a new momentum over the Presidents’ Day weekend. I initially speculated that it might be due to pent-up volume from the long weekend, but today’s performance disproves that theory,” Balchunas added.

10 Years of Pent-up Demand for Spot Bitcoin ETFs

The spot Bitcoin ETFs are experiencing pent-up demand. In a recent interview, Michael Saylor, the executive chairman and co-founder of MicroStrategy, highlighted that there is a significant amount of pent-up demand spanning over a decade for Bitcoin ETFs.

Saylor expressed this sentiment to CNBC, emphasizing that mainstream investors now have the opportunity to access Bitcoin through ETFs, which he believes is fueling the surge of capital into the asset class.

Bitcoin Price Rallies to a Tw0-Year High

Bitcoin surged to a two-year high on Tuesday, reaching nearly $57,000 during Asian trading, representing a noteworthy milestone in the cryptocurrency’s trajectory. This rally, buoyed by strategic acquisitions and regulatory approvals for spot Bitcoin ETFs, suggests a growing acceptance and incorporation of cryptocurrency into the financial mainstream.

Spot Ethereum ETFs Next?

Numerous investment firms have submitted applications to the Securities and Exchange Commission (SEC) to introduce spot Ethereum ETFs in the U.S. market, reflecting the escalating demand for these products.

Among the notable firms seeking approval are BlackRock, Fidelity, Grayscale, VanEck, Invesco, Franklin Templeton, Galaxy, as well as Cathy Wood’s Ark Invest and 21Shares.

Crypto ETFs Open the Floodgates for Wider Audience

The approval of eleven Bitcoin spot ETFs in the U.S. demonstrated a significant appetite for such products, and a similar trend is anticipated for spot Ethereum ETFs.

“An ETH ETF approval would further enhance the accessibility and reach of ETH while also bridging the gap between traditional finance and the digital economy,” commented Ben Weiss, CEO of CoinFlip.

Weiss elaborated, stating, “Historically, crypto provided an alternative avenue for wealth accumulation without reliance on third-party intermediaries like traditional banks or government entities. Existing investors typically favor self-custody options where they manage their assets independently.”

He continued, emphasizing that crypto ETFs would unlock opportunities for a broader investor base uninterested in managing ETH directly but seeking exposure to one of the most successful assets of the past decade.

“This has the potential to attract a wave of capital, enhance credibility, and solidify digital assets’ position as a fundamental component of any serious investment portfolio,” concluded Weiss.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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