BlackRock’s IBIT continues to lead Bitcoin ETF volume among ‘Newborn Nine’ BlackRock’s IBIT continues to lead Bitcoin ETF volume among ‘Newborn Nine’
Spot Bitcoin ETFs have recorded roughly $500 million in trading volume on the third day of trading, as of press time.
2 min read
Updated: Jan. 17, 2024 at 1:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
BlackRock‘s Bitcoin ETF IBIT has maintained its lead in total volume on the third day of trading, generating buzz about its potential to become the largest holder of Bitcoin (BTC).
In the competitive race among the newly launched Bitcoin spot ETFs — dubbed the “Newborn Nine” — day three saw a total volume that matched industry expectations, hovering around the $500 million mark, based on the latest market data available on Jan. 16.
This is a continuation of the robust performance seen in the days following the highly anticipated launch of these investment vehicles.
BlackRock building BTC hoard
According to Bloomberg’s ETF analyst Eric Balchunas, BlackRock’s position is strengthening, and it’s a question of “when,” not “if” they will surpass tech giant MicroStrategy in Bitcoin holdings.
Balchunas’s insights have sparked conversations among investors, with many keenly observing BlackRock’s aggressive moves in the cryptocurrency space.
The BlackRock iShares ETF, with its impressive inflow and volume numbers, is currently poised to challenge the Grayscale Bitcoin Trust (GBTC), which is currently considered the ‘Liquidity King’ due to its long-standing presence in the market and a significant amount of holders.
IBIT recorded significant flows in the first two days of approximately $497.7 million, resulting in BlackRock scooping up roughly 11,500 BTC for its fund.
Fidelity Investments’ FBTC closely followed IBIT’s lead with notable total flows of $422.3 million over the same period. The ETF has also maintained its trading volume, which stood at $170.1 million on day three.
The two ETFs together made up over $3.1 billion of the total trading volume so far, with most of these being inflows.
Meanwhile, the two established ETFs — GBTC and ProShares’ BITO — made up over 60% of the total volume with $4.65 billion and $3.26 billion, respectively. Despite the high trading volume, the two ETFs have mostly recorded outflows as investors sell after recovering the losses from the past year.
Surpassing the benchmark
The success of these new Bitcoin ETFs, particularly in comparison to the launch of ProShares’ BITO ETF, indicates a maturing market increasingly receptive to cryptocurrency as an investment vehicle. BITO previously made headlines as the most successful organic launch in ETF history, setting a high benchmark for subsequent offerings.
Market analysts suggest that the initial success of the ‘Newborn Nine’ could indicate the long-term viability of Bitcoin ETFs. Despite the standard drop-off rate in trading volumes after a launch, the consistency seen in the first three days of trading points to a healthy demand for cryptocurrency-based investment options.
As the market closes on day three, all eyes are on BlackRock and whether its ETF can maintain the momentum to overtake GBTC in the race for Bitcoin supremacy. With ETFs becoming a crucial gateway for institutional and retail investors into the cryptocurrency world, the trajectory of these early days may well set the tone for the future of digital asset investing.
Bitcoin Market Data
At the time of press 1:34 am UTC on Jan. 17, 2024, Bitcoin is ranked #1 by market cap and the price is up 1.44% over the past 24 hours. Bitcoin has a market capitalization of $846.46 billion with a 24-hour trading volume of $24.03 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 1:34 am UTC on Jan. 17, 2024, the total crypto market is valued at at $1.7 trillion with a 24-hour volume of $58.48 billion. Bitcoin dominance is currently at 49.66%. Learn more about the crypto market ›
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.