According to Blockworks, BlackRock's iShares Bitcoin Trust (IBIT) experienced record daily trading volumes on Monday, with more than 42 million shares traded, worth approximately $1.3 billion. The $1.1 billion in trade volumes marked the highest daily mark for IBIT in its six-plus weeks on the market, surpassing the previous record of roughly $1 billion set on its first day of trading on January 11th. Bloomberg Intelligence analyst Eric Balchunas called IBIT's Monday volumes an "insane number" for a recently launched ETF with several competitors.
The nine US spot bitcoin funds, excluding the Grayscale Bitcoin Trust ETF (GBTC), collectively saw a record $2.4 billion in trading volumes on Monday. The BlackRock BTC fund's trading volumes ranked 11th among ETFs, trailing the Vanguard S&P 500 ETF (VOO) and ahead of State Street Global Advisors' Financial Select Sector SPDR Fund (XLF). IBIT is the largest spot bitcoin fund, aside from GBTC, with nearly $7 billion in assets.
Despite spot bitcoin ETFs experiencing a rare day of net outflows on February 21st, the segment's funds recorded net inflows of nearly $600 million during last week's four days of trading. Overall, net inflows into US spot BTC funds have amounted to about $5.5 billion.
Trading volumes for bitcoin ETFs by competing asset managers Bitwise, WisdomTree, and VanEck also spiked last week. Bitwise Chief Investment Officer Matt Hougan said the cadence and size of "sales wins" for BITB from money managers have recently increased as bitcoin's price has rallied. Bitcoin's price was above $54,300 at 3:30 pm ET on Monday, up nearly 5% from 24 hours prior.
Executives and industry watchers expect bitcoin ETF net inflows to grow in the coming months as more wealth managers become comfortable with allocating client capital to such offerings.
