Blackrock’s spot bitcoin exchange-traded fund (ETF) set a new daily trading volume record after bitcoin hit $89,000 for the first time.
Bitcoin ETFs Continue to Set New Records
At press time as of 7 a.m. ET on Tuesday Nov. 12, 2024, Blackrock’s IBIT holds 449,965.36 BTC.
With bitcoin hitting new all time highs on a daily basis, bitcoin ETFs have experienced the same boom with lots of new capital pouring in. The biggest beneficiary so far has been Blackrock’s IBIT which saw a record breaking $4.5 billion in daily trading volume on November 11. This was according to data shared by Eric Balchunas, a senior ETF analyst at Bloomberg.
Last week, Blackrock‘s ETF also set a record for single-day inflows with $1.12 billion injected into its ETF product. A broader look at the market shows that the total net assets of bitcoin ETFs is currently at $90.6 billion. This is technically 5.27% of bitcoin’s total market cap, according to data from sosovalue.
As bitcoin continues to hit record numbers, we can expect to see bitcoin ETFs following the same trend with record inflows and trading volume. These record-breaking numbers underscore the growing popularity of ETFs as a preferred investment vehicle and reflects the current euphoria in the markets as an aftermath of Donald Trump’s victory in the U.S. presidential election.
