NEW YORK, February 27, 2024 — BlackRock’s iShares Bitcoin Trust (IBIT) achieved a significant milestone on Tuesday, reaching $1 billion in trading volume with approximately two hours remaining in the trading day. By 2:30 p.m. ET, the ETF had seen nearly 32 million shares traded, translating to a value of about $1.04 billion, as reported by Yahoo Finance.

This marks the second consecutive day that BlackRock’s Bitcoin ETF has surpassed the $1 billion trading volume threshold. On Monday, IBIT set a new record for itself with nearly 42.5 million shares traded, amounting to approximately $1.3 billion. This high trading volume represents a substantial increase from its average daily trading volume of about 18.3 million shares, according to Yahoo Finance data.

On Monday, the total trading volume for all ten U.S. spot Bitcoin funds reached $3.2 billion, a figure only slightly lower than the $4.5 billion recorded on their debut day. Despite leading the trading volume charts, IBIT’s net inflows of $112 million on Monday were the third highest among the spot Bitcoin ETFs, according to BitMEX Research. The Fidelity Wise Origin Bitcoin Fund (FBTC) led in net inflows with $243 million, followed by the Ark 21Shares Bitcoin ETF (ARKB) with $131 million.

On Monday, the ten U.S. spot Bitcoin funds collectively achieved a remarkable $3.2 billion in trading volumes, marking a significant milestone just shy of the $4.5 billion recorded on their debut day. This continued high trading activity underscores the strong market interest and engagement with these newly launched Bitcoin exchange-traded funds (ETFs).

Among these funds, BlackRock’s Bitcoin ETF, IBIT, was the standout performer in terms of trading volume, maintaining its dominant position with substantial activity. However, despite leading in volume, IBIT's net inflows of $112 million ranked third among the spot Bitcoin ETFs for the day, as reported by BitMEX Research. The Fidelity Wise Origin Bitcoin Fund (FBTC) and the Ark 21Shares Bitcoin ETF (ARKB) reported higher net inflows, with $243 million and $131 million, respectively. This highlights a competitive landscape where multiple funds are attracting significant investor interest.

By Tuesday afternoon, FBTC had accumulated over $400 million in trading volumes, while ARKB had reached approximately $160 million by 2:30 p.m. ET. In contrast, the Grayscale Bitcoin Trust ETF (GBTC), the largest spot Bitcoin ETF by assets, saw trading volumes nearing $580 million, just 90 minutes before the market closed. Despite experiencing daily outflows for the past seven weeks, GBTC had consistently led the trading volumes until February 1, when IBIT first surpassed it.

The two consecutive days of over $1 billion in trading volumes for BlackRock’s ETF reflect broader market trends, with Bitcoin's price surging notably. On Tuesday, Bitcoin's price exceeded $57,000, marking a 5% increase within the past 24 hours and a more than 10% rise over the previous week. This upward momentum in Bitcoin’s price appears to be fueling heightened trading activity and investor interest in Bitcoin-related ETFs.