On February 7, the total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) surpassed a billion dollars, with BlackRock taking the lead.
Bloomberg Intelligence analyst James Seyffart noted a significant surge in trading activity for BlackRock’s iShares Bitcoin Trust (IBIT), which amassed a daily trading volume of $341.2 million, outstripping the Grayscale Bitcoin Trust’s $296.5 million, according to Seyffart’s analysis.
Fidelity’s FBTC fund secured the third position with a trading volume of $200 million, while the remaining seven funds collectively contributed $188 million, culminating in a daily trading volume exceeding a billion dollars.
Despite this milestone, Seyffart downplayed its significance, stating that surpassing the billion-dollar mark “isn’t that big of a deal” for Bitcoin ETFs.
He clarified that while it represented an increase from recent days, it still fell short of the initial trading weeks.
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In a notable trend, inflows into spot Bitcoin ETFs have consistently outpaced outflows from GBTC for the ninth consecutive day.
On February 7, preliminary data from Farside revealed $81 million in outflows from GBTC, contrasted with $226 million in inflows across the other nine spot Bitcoin ETFs, resulting in net flows of $145 million.
BlackRock witnessed an inflow of $56 million, Fidelity’s fund saw an increase of $130 million, and Bitwise experienced inflows of $21 million.
On February 8, investor and author Fred Krueger highlighted a significant observation: the combined BTC holdings of the newly launched nine ETFs were poised to exceed those of MicroStrategy, the largest corporate holder of the asset.
The ETF funds collectively held approximately 187,000 BTC as of February 7, slightly below MicroStrategy’s holdings of 190,000 coins valued at over $8 billion.
In a related development, it was reported that Fidelity had begun allocating spot Bitcoin to their All-in-One Conservative ETF. ETF analyst Eric Balchunas regarded this move as a positive sign, particularly in the conservative investment domain.
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