As Bitcoin sets a new all-time high, the daily trading volume of 10 Bitcoin spot ETFs in the United States also soared to $10 billion on Tuesday, also setting a new record. Since the approval of Bitcoin spot ETFs for listing in January, the cumulative net inflow has reached $7.78 billion.
Bitcoin reached a new high of $69,000 last night. At this milestone moment, Bloomberg analyst Eric Balchunas released data showing that the daily trading volume of 10 Bitcoin spot ETFs in the United States also reached $10 billion on Tuesday, setting a new record at the same time.
Among them, BlackRock’s IBIT ($3.703 billion), Fidelity’s FBTC ($2.028 billion), Bitwise’s BITB ($0.294 billion), and ARK/21 Shares’ ARKB ($0.484 billion) have also set new records for daily trading volume.
Regarding the record-breaking trading volume of Bitcoin spot ETFs at the time of Bitcoin’s new high, Eric Balchunas said that the volatility and trading volume of ETFs are closely related, so it is not entirely surprising, and these numbers are simply unimaginable for ETFs that have been born for less than two months.
Cumulative net inflows of $7.78 billion for 10 Bitcoin spot ETFs
Since the approval of Bitcoin spot ETFs for listing in January, according to SoSoValue data, as of the 5th, although Grayscale’s GBTC has a cumulative net outflow of $9.6 billion, the cumulative net inflow of these 10 Bitcoin spot ETFs has reached $7.78 billion. As of the 4th, the total assets under management of these Bitcoin spot ETFs have reached $52.45 billion.
Will Bitcoin spot ETF surpass gold ETF?
Looking ahead, Eric Balchunas pointed out that the assets under management of 10 Bitcoin spot ETFs have exceeded $50 billion. At the beginning, the assets under management were less than $30 billion. Currently, about $8 billion comes from inflows, and the rest comes from the increase in the value of Bitcoin.
Eric Balchunas predicts that if the growth of Bitcoin spot ETFs continues at this rate, adding $10 billion every month, Bitcoin spot ETFs will surpass the size of gold ETFs this summer. This may seem crazy, but it is likely to happen if the conditions of the Bitcoin price are met.
Demand for Bitcoin spot ETFs is expected to continue to increase in the future. BlackRock has already submitted revised documents to the SEC on Monday, applying to include exposure to Bitcoin ETFs in its Strategic Income Opportunities Fund (BSIIX) with assets over $36 billion.
This means that BSIIX may purchase Bitcoin ETPs issued by BlackRock subsidiaries, such as the iShares Bitcoin Trust (IBIT), a Bitcoin spot ETF that was listed in January, as well as other recently approved Bitcoin spot ETFs.
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