Bitcoin passes $57,000 as BlackRock ETF hits ‘insane’ volume record

Bitcoin passes $57,000 as BlackRock ETF hits ‘insane’ volume record
Larry Fink's BlackRock pulled in $1 billion in volume in one day for its Bitcoin spot ETF.
  • Bitcoin reached $57,000 today.
  • BlackRock’s Bitcoin spot ETF surpassed $1 billion in daily trading volume on Monday.
  • This places BlackRock’s ETF among the top 11 ETFs in terms of volume.

Bitcoin and BlackRock are both breaking new ground.

The top cryptocurrency climbed 10% in the last 24 hours to top $57,000, a price not seen since the tail end of the previous bull market, in November 2021. The asset is up more than 30% this year.

Bitcoin’s rise happened as BlackRock’s iShares Bitcoin Trust crossed $1 billion in daily trading volume on Monday, driving the newly listed US exchange-traded fund to a fresh record.

The milestone places the fund 11th in terms of daily trading volume among all available ETFs, and within the top 25 stocks overall, according to Bloomberg Intelligence analyst Eric Balchunas.

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“$1 billion a day is big boy level volume, enough for (even big) institutional consideration,” Balchunas said. He described the figure as “insane,” especially for a product with so many competitors.

One of 10 recently approved spot Bitcoin spot ETFs in the US, BlackRock’s fund has led the pack in inflows since they were first greenlit on January 10. To date, BlackRock’s offering has pulled in $7.1 billion.

On Monday, it also accounted for 41% of total daily volume across the nine Bitcoin spot ETFs, excluding Grayscale. Together, these ETFs surpassed $2.4 billion on the same day, Balchunas wrote in a separate post.

“IBIT went wild,” he wrote, referring to BlackRock’s fund by its ticker. He also said that Monday’s volume beat its previous record by about 30%, or roughly $300 million.

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Bitcoin ETFs have brought renewed optimism for the world’s leading cryptocurrency as institutional and retail investors continue to pile in ahead of the asset’s upcoming halving event in April.

The halving is expected to slash miner rewards in half, significantly reducing the total daily supply of new Bitcoin hitting the market.

Analysts have previously pointed to that catalyst as one of several reasons boosting the attractiveness of global exchange-traded products.

ETF activity on Monday drove the total spot Bitcoin ETF volume across all products beyond $3.24 billion.

A new record, according to Balchunas, who cited data from Bloomberg.

Ty Pearson and Sebastian Sinclair are market correspondents for DL News. Got a tip about Bitcoin ETFs? Reach out at tyler@dlnews.com and sebastian@dlnews.com

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