BlackRock Spot BTC ETF Sets a New Daily Volume Record

The exchange-traded fund (ETF) market witnessed a historic trading volume record on March 14th as Bitcoin (BTC) experienced a 6% drop from its daily peak during the United States trading session. Notably, the spot BTC ETF by BlackRock saw unprecedented activity.

According to data from Barchart, the iShares Bitcoin Trust (IBIT) recorded a staggering 99.3 million shares traded, totaling over $3.9 billion in trading volume. This milestone surpassed its previous record of $3.7 billion set just under two weeks ago on March 5th. 

As reported earlier by TheCoinRise, Bitcoin (BTC) surged to a new all-time high (ATH) of $73,637.47, with spot ETFs attracting an impressive $849 million influx, surpassing prior benchmarks.

BlackRock Spot BTC ETF Continues to Break Records

The heightened trading activity coincided with Bitcoin’s decline during the U.S. trading hours, although the cryptocurrency has since begun to recover.

Among the newly launched ETFs, the BlackRock spot Bitcoin ETF emerged as the standout performer in terms of both trading volume and net inflows. 

As noted above, on March 12th, it witnessed a record-breaking net inflow of $849 million, marking the largest influx of capital into any Bitcoin fund to date.

GBTC Remains Dominant

Despite the BlackRock ETF leading in net inflows, the Grayscale Bitcoin Trust (GBTC) remains the largest among the US Bitcoin ETFs in terms of assets. 

However, the BlackRock spot ETF surpassed GBTC in trading volume on March 14th, reaching $1.96 billion compared to GBTC $1.96 billion.

The rise of ETFs has significantly impacted Grayscale’s market share among Bitcoin investment vehicles. As of March 10th, its market share fell below 50%, with outflows totaling nearly $11.7 billion since its transition to an ETF alongside the launch of nine other funds.

BlackRock Spot ETF Highly Popular

Bloomberg ETF analyst Eric Balchunas highlighted the remarkable performance of the BlackRock spot ETF market in March, stating that the combined monthly trading volumes have already exceeded previous months by a significant margin. March alone witnessed ETFs amassing $65 billion in trading volume, surpassing February’s roughly $42 billion.

Not only has trading volume surged, but net capital inflows into ETFs have also soared, reaching a record of over $1 billion in daily net inflows on March 12th. It is also important to note that BlackRock remains bullish on BTC, recently stating that it will incorporate the IBIT ETF into its global allocation funds, notably the Multi-Asset Income Fund (MALOX). 

Meanwhile, Bitcoin experienced a 6% decline over the past 24 hours, reaching an intra-day high of over $73,500 before retracting to $67,700 just before the close of the US trading session.