BlackRock’s Bitcoin exchange-traded fund (ETF) has achieved yet another record-breaking daily trading volume as the price of Bitcoin dropped 6% during the U.S. trading day. On March 14, data from Barchart revealed that the iShares Bitcoin Trust (IBIT) traded a staggering 99.3 million shares, totaling over $3.9 billion in trading volume. This surpassed the previous record of $3.7 billion set less than 10 days ago on March 5. Despite the price drop, the trading volume of the ETF has remained strong.
IBIT ranked as the eighth-highest volume-traded ETF on March 14, according to Barchart. BlackRock’s spot Bitcoin ETF has emerged as the top-performing fund in terms of volume and net inflows among the ten new ETFs launched in January. On March 12, it experienced a record net inflow day, with $849 million of flows, the highest among all Bitcoin funds to date. However, the Grayscale Bitcoin Trust (GBTC) still holds the title of the largest U.S. Bitcoin ETF in terms of assets. Although its trading volume on March 14 came second to IBIT at $1.96 billion.
As of March 10, Grayscale’s market share among Bitcoin ETFs has fallen below 50%. Since it converted from a trust to an ETF alongside the launch of the nine new funds, GBTC has experienced outflows of nearly $11.7 billion. Bloomberg ETF analyst Eric Balchunas highlighted on March 14 that the combined monthly trading volumes of the ten ETFs have already surpassed previous months’ numbers, despite the month being only halfway through. These ETFs have accumulated $65 billion in volume so far this month, exceeding the approximately $42 billion volume recorded in February. Additionally, net capital inflows to the ETFs have set a record of over $1 billion in daily net inflows just two days ago on March 12.
In the past 24 hours, Bitcoin has fallen 2%, reaching an intra-day high of over $73,500 before experiencing a 6.3% drop to a low of $68,855 just before the U.S. trading day closed at 3:45 pm New York time. However, it has since recovered 4% and is currently trading above $71,600.