News View Non-AMP

BlackRock’s IBIT Leads Charge as Spot Bitcoin ETFs Hit $5.5 Billion

Published by
Qadir AK

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

Qadir AK

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.

Recent Posts

Bitcoin ETFs Face $100M Outflows as Markets Plunge Following Trump’s Tariff Shock

On Thursday, U.S. spot Bitcoin ETFs faced $99.86 million in net outflows as the stock…

April 4, 2025

Ethereum (ETH) Price Prediction for April 2025

Ethereum (ETH/USD) price held a crucial support range between $1,755 and $1,800 as the United…

April 4, 2025

Why Crypto Is Down Today: Traders React to Tariffs, Eye Fed’s Next Move

The crypto market has hit a rough patch, slipping to $2.65 trillion after a 1.02%…

April 4, 2025

Crypto Awaits Fed Rate Cut Decision Amid Recession Fears

Crypto markets went on a rollercoaster ride this week as investors reacted to President Trump’s…

April 4, 2025

Zoomex Review: The New Crypto Exchange with Many User-Focused Features

Since launching in 2021, Zoomex has quickly made a name for itself as a crypto…

April 4, 2025

Bitcoin Price Prediction 2025- BTC Price May Revamp Bull Run Only After Reaching These Levels

The crypto markets were heavily consolidating ahead of Trump’s Liberation Day, where new tariffs were…

April 4, 2025