BlackRock’s Bitcoin exchange-traded fund (ETF) has achieved yet another trading volume record, as Bitcoin experienced a 6% drop from its daily high during the U.S. trading day. According to Barchart data from March 14, the iShares Bitcoin Trust (IBIT) traded 99.3 million shares, resulting in a trading volume of over $3.9 billion. This surpassed its previous record of $3.7 billion set less than 10 days ago on March 5. Despite the drop, Bitcoin has begun to recover since then.
On March 14, IBIT ranked as the eighth-highest volume-traded ETF. BlackRock’s spot Bitcoin ETF has been the most successful fund in terms of volume and net inflows among the ten new ETFs launched in January. It achieved a record net inflow day on March 12, attracting $849 million in flows, which is the highest among all Bitcoin funds to date. However, the Grayscale Bitcoin Trust (GBTC) remains the largest among the ten U.S. Bitcoin ETFs in terms of assets. Although its trading volume on March 14 came second to IBIT at $1.96 billion.
Since its conversion from a trust to an ETF and the launch of the nine new funds, GBTC has experienced outflows of nearly $11.7 billion. As of March 10, Grayscale’s market share among the Bitcoin ETFs has fallen below 50%. Bloomberg ETF analyst Eric Balchunas highlighted on March 14 that the combined monthly trading volumes of the ten ETFs have already surpassed previous months’ numbers, with a total volume of $65 billion so far this month, exceeding February’s volume of approximately $42 billion.
The ETFs have also witnessed significant net capital inflows, reaching a record of over $1 billion in daily net inflows on March 12. Meanwhile, Bitcoin’s price fell 2% in the past 24 hours, reaching an intra-day high of over $73,500 before dropping 6.3% to a low of $68,855 just before the U.S. trading day closed. However, it has since recovered by 4% and is currently trading above $71,600.