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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Mar 05, 2024 08:44 UTC
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BlackRock’s IBIT Leads Charge as Spot Bitcoin ETFs Hit $5.5 Billion
Trading of spot Bitcoin ETFs surged to the second-highest daily volume ever recorded, with BlackRock's IBIT leading the charge.
The cryptocurrency market is experiencing a period of intense enthusiasm, with Bitcoin nearing its peak value.
Analysts suggest that while a 20-30% market correction might occur due to the rapid increase.
This news might shock (or surprise) you!
On a wonderful day for the U.S. stock market, Bitcoin Exchange-Traded Funds (ETFs) experienced an impressive surge, reaching the second-highest daily trading volume at a staggering $5.5 billion. Renowned Bloomberg expert, Eric Balchunas, sheds light on the factors driving this historic financial feat.
Let’s explore what he has to say, shall we?
Leaders of the Pack
BlackRock’s iBIT takes the lead in this financial frenzy, managing assets exceeding the $11 billion mark. Here are the substantial gains each ETF achieved on this groundbreaking day:
- Grayscale: $1,530,679,380
- Fidelity: $1,075,371,219
- ARK Invest: $245,272,021
- Bitwise: $163,028,812
- VanEck: $27,470,679
- Invesco: $25,336,074
- WisdomTree: $16,375,176
- Franklin: $16,141,320
- Valkyrie: $5,035,376
- Hashdex: $315,654
Bitcoin’s Skyrocketing Value
Against the backdrop of intense market enthusiasm, Bitcoin inches closer to its peak value of $69,000. At the latest count, the leading cryptocurrency stands at an impressive $68,381. While sustained investments and rising prices fuel this upward trend, concerns arise about potential market corrections.
Analysts predict a 20-30% correction due to the rapid ascent, but it’s expected to be temporary.
Ethereum ETFs – Where’s the Hype?
While Bitcoin ETFs steal the spotlight, anticipation for a potential Ethereum spot ETF seems to be losing steam. Balchunas notes that, unlike the success of Bitcoin ETFs, an Ethereum ETF may not make as big of an impact. Drawing a comparison, he likens it to a lesser-known band playing after the main act at a concert, suggesting Ethereum ETFs might lack significant influence.
This perspective is rooted in the stellar performance of Bitcoin ETFs, amassing over $7 billion in net flows since their debut on January 11. Bitcoin, nearing its all-time high, reflects the market’s excitement. Combined with the halving event, the cryptocurrency market initiates a bullish phase, promising exciting times ahead.
This Might Interest You: The Countdown to Crypto’s Biggest Events: Halving and the Ethereum ETF
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