Bitcoin ETFs daily trading volume surpasses $5 billion to hit 4-month high Bitcoin ETFs daily trading volume surpasses $5 billion to hit 4-month high
BlackRock’s IBIT was responsible for nearly $3 billion in trading volume and managed to increase its assets under management by $172 million.
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Updated: Aug. 5, 2024 at 11:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded over $5 billion in daily trading volume in the US on Aug. 5.
This is the first time spot Bitcoin ETFs in the US have registered over $5 billion since mid-April.
According to DefiLlama, BlackRock’s IBIT was responsible for nearly $3 billion in trading volume and managed to managed to increase its assets under management by $172 million. Fidelity’s FBTC moved over $858 million, registering the second most significant trading volume in the US.
Despite an outflow of nearly $148 million, Grayscale’s GBTC trading volume surpassed $693 million, making it the ETF with the third-largest trading amount for the day.
The good and the bad
Eric Balchunas, senior ETF analyst at Bloomberg, highlighted in an X (formerly Twitter) post that Bitcoin bulls don’t want to see a lot of volume on a bad day, as it is a “pretty reliable measure of fear.”
Notably, the Crypto Fear and Greed Index currently stands firmly in the fear zone on Aug. 5, registering 26 points out of 100, where 0 is absolute fear and 100 is absolute greed. This contrasts heavily with the 74 points registered exactly one week ago when Bitcoin closed in on $70,000.
However, Balchunas also pointed out that deep liquidity on bad days is also a good indicator, as traders and institutions praise this about ETFs. He said:
“So you also want to see volume too, good for the long term.”
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.