Leading asset manager and Bitcoin spot ETF issuer BlackRock recorded its highest single-day trading volume on Wednesday as US demands hit a fever pitch.
The US Bitcoin spot ETFs saw a face-melting trader engagement on Wednesday following Bitcoin’s push to new highs. For context, the premier asset surged past $76,000 to unprecedented values following news that pro-crypto presidential candidate Donald Trump had won the November 5 elections.
Bloomberg’s senior analyst Eric Balchunas confirmed the trading frenzy after the US market opened on Wednesday. In a tweet, he stated that trading volumes on BlackRock’s iShares Bitcoin Trust (IBIT) surged past $1 billion after 20 minutes of trading, surpassing its average full-day performance.
IBIT Records Highest Single-day Trading Volume
Meanwhile, the fund’s quick start to the trading session set the pace for its record-breaking outing on Wednesday. Balchunas confirmed after the session that IBIT had recorded a single-day trading volume of $4.1 billion, the highest since its inception on January 11.
The senior analyst also noted that BlackRock IBIT’s trading volume surpassed that of some major stocks. This included stocks of notable companies like Berkshire, Netflix, and Visa.
The fund’s explosive trading traction notably boosted the general Bitcoin spot ETFs market. The funds recorded a trading volume of $6 billion, their best in recent times and one of the highest since their market debut.
Balchunas noted that most other issuers outperformed their average trading volume by twofold, setting the pace for the enormous value traded on the Bitcoin investment vehicles. Notably, the US spot ETFs recorded a net volume of $2.39 billion on Tuesday, 154% less than its Wednesday volume.
Volume Translates to First Inflow in Three Days
Meanwhile, the trading volume spike consequently translated to large inflows for the US spot ETFs on Wednesday. Data from SosoValue shows that the funds bought $621.9 million worth of Bitcoin, their first inflow in four days.
The US Bitcoin spot ETFs had recorded a net outflow of $712.91 million over a three-day period. However, Bitcoin’s surge to a new record high of $76,460 on Wednesday, triggered by Trump’s win, saw renewed confidence among US investors in the products.
With the inflow, the US Bitcoin spot ETFs have now seen a cumulative positive flow of $24.12 billion and a net asset of $76.48 billion sincea their early January market debut.
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Source: https://thecryptobasic.com/2024/11/07/blackrock-see-record-single-day-4-1b-trading-volume-amidst-us-etf-frenzy/?utm_source=rss&utm_medium=rss&utm_campaign=blackrock-see-record-single-day-4-1b-trading-volume-amidst-us-etf-frenzy