In U.S. trading, BlackRock's Spot Bitcoin experienced a 6% decline from its daily peak, coinciding with a new record in daily trading volume for the exchange-traded fund (ETF).
Data from March 14 reveals that iShares Bitcoin Trust (IBIT) saw a remarkable 99.3 million shares traded, surpassing $3.9 billion in trading volume. This figure breaks the previous record set less than 10 days ago on March 5, which stood at $3.7 billion.
Although Bitcoin initially dipped from its daily high in U.S. trading, it later rebounded. Among the 10 new ETFs launched in January, BlackRock's spot Bitcoin ETF has emerged as the top performer in terms of both volume and net inflows.
On March 12, the fund recorded an unprecedented net inflow of $849 million, solidifying its status as the largest Bitcoin fund to date. However, it's worth noting that the Grayscale Bitcoin Trust (GBTC) remains the largest among the ten U.S. Bitcoin ETFs in terms of assets. Despite trailing IBIT in trading volume on March 14 with $1.96 billion, GBTC still retains its position as a significant player in the market.
As of March 10, Grayscale ETF's market share among Bitcoin ETFs has dipped below 50%, largely attributed to nearly $11.7 billion in outflows since GBTC transitioned from a trust to an ETF and introduced nine new funds. Bloomberg ETF analyst Eric Balchunas remarked on March 14 that the combined monthly trading volume of the 10 ETFs has already surpassed previous months' figures, underscoring the remarkable performance in the ETF sector.
This month, ETF trading volume has soared to $65 billion, marking a significant increase from February's approximately $42 billion. Furthermore, net capital inflows into ETFs have also surged, setting a record of over $1 billion in daily net inflows just two days ago on March 12. Meanwhile, Bitcoin has seen a 2% decline in the past 24 hours, reaching an intraday high of over $73,500 before closing the U.S. trading day at $68,855. Despite the initial dip, it has since rebounded by 4% and is currently trading above $71,600.
