BlackRock’s Bitcoin ETF Hits $5B Daily Volume as BTC Surpasses $93K

BlackRock’s iShares Bitcoin Trust (IBIT) hit a record daily trading volume of $5 billion on Wednesday evening as Bitcoin’s price soared to an all-time high above $93,000. The milestone comes just a week after the fund recorded $4.1 billion in daily trading volume following Donald Trump’s US presidential election win.

I thought things were cooling off, but no, $IBIT just saw $5b in volume today for first time ever. Only 3 ETFs and 8 stocks saw more action today. Up to $13b in 3 days this week. Its peers seeing heightened volume too but smaller scale. $FBTC did $1b, biggest day since March. pic.twitter.com/9SQP5oPsMM

— Eric Balchunas (@EricBalchunas) November 13, 2024

Fidelity’s FBTC ETF also saw a strong performance, marking its busiest day since March with $1 billion in daily volume. On-chain metrics show Bitcoin Spot ETFs accumulating an impressive $13 billion in trading volume in the past three days.

The uptick in trading activity is reflected across the Bitcoin Industrial Complex. The volume surpassed the previous day’s, bringing the total weekly trading volume to a record-setting $110 billion with two days remaining.

Spot ETFs See Steady Net Inflows

Over the past six days, these ETFs have attracted steady net inflows, totaling $510 million. BlackRock’s IBIT led with a single-day net inflow of $231 million and has achieved cumulative inflows of $29.152 billion. This week alone, IBIT has pulled in over $1.7 billion. 

Following the trend, Fidelity’s FBTC registered a $186 million daily net inflow. The total net asset value (NAV) for these Bitcoin ETFs reached $95.4 billion, representing approximately 5.4% of Bitcoin’s overall market cap.

IBIT Surpasses $40B in AUM

Since Bitcoin’s post-election rally began, IBIT has consistently outperformed other Bitcoin ETFs. Last Friday, it exceeded its previous record for single-day inflows with a purchase of over $1 billion in Bitcoin—the highest since its launch in January.

With a holding of approximately 467,347 BTC, IBIT’s net assets now total around $42.6 billion, making it the largest US-based spot Bitcoin ETF and solidifying its leading position.

According to industry analyst Eric Balchunas, BlackRock’s Bitcoin ETF surpassing $40 billion in total assets places it among the top 1% of ETFs by assets under management (AUM). Remarkably, IBIT achieved this milestone in just 211 days, far outpacing the previous record of 1,253 days.