{"id":254704,"date":"2024-02-27T03:23:39","date_gmt":"2024-02-26T21:53:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=254704"},"modified":"2024-02-27T03:23:39","modified_gmt":"2024-02-26T21:53:39","slug":"blackrocks-ibit-hits-1b-daily-trading-milestone-on-bitcoin-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blackrocks-ibit-hits-1b-daily-trading-milestone-on-bitcoin-rally-crypto-news\/","title":{"rendered":"BlackRock’s IBIT Hits $1B Daily Trading Milestone on Bitcoin Rally – Crypto News"},"content":{"rendered":"

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Amidst the growing Bitcoin price, BlackRock\u2019s IBIT has crossed the $1 billion daily trading volume milestone on February 26. The update came from an X post by Senior Bloomberg ETF analyst Eric Balchunas.\u00a0<\/span><\/p>\n

BlackRock\u2019s IBIT Defies Market Flaws<\/strong><\/h2>\n

While the trading volume does not equate to the amount of retained flows in the spot Bitcoin ETF market, it is also an important metric to acknowledge.\u00a0<\/span><\/p>\n

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BlackRock\u2019s IBIT has been outperforming many of its counterparts in the spot Bitcoin ETF market including the <\/span>high-sponsor fee Grayscale\u2019s GBTC<\/span><\/a>. Recently, IBIT and GBTC both plunged in terms of their pre-market trading volume which underscored their unusual correlation.<\/span><\/p>\n

To appreciate the current boost in trading volume, BlackRock\u2019s IBIT <\/span>registered<\/span><\/a> a drop of about 2.02% as it was valued at $29.07 at press time in the Pre-market trading session last week Wednesday.\u00a0<\/span><\/p>\n

This drop came after BlackRock\u2019s IBIT earlier closed at $29.67 on Tuesday with a 0.17% gain. On the other hand, Grayscale\u2019s GBTC\u00a0dropped 1.94%, until it reached $45.51. This was after the Grayscale Bitcoin ETF closed at $46.41 the previous day, gaining 0.28% in value.\u00a0<\/span><\/p>\n

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Resilience of the BlackRock Spot Bitcoin ETF<\/strong><\/h2>\n

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Beyond the outflows, BlackRock\u2019s IBIT is strongly gaining traction. In comparison with all the other ten spot Bitcoin ETFs, it remains the top on the list with the highest volume per net inflow and assets under management. By mid-February, BlackRock\u2019s IBIT had already registered more than <\/span>$5 billion in inflows<\/span><\/a>.\u00a0<\/span><\/p>\n

This figure gave the spot Bitcoin ETF a position amongst the top 7% of the ETFs by market capitalization and for a new offering, market experts considers this a laudable achievement. It also ranked as the top 25 among stocks with massive daily flows, a figure that helps registers its mainstream appeal.<\/span><\/p>\n

It appears that institutional investors are really clamoring around BlackRock\u2019s IBIT. The same attraction has been seen with other spot Bitcoin ETFs but it is not as strong as that expressed towards BlackRock\u2019s IBIT as the figures shows<\/span><\/p>\n

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The growing Bitcoin rally is likely the trigger for the increase in investors\u2019 interest.\u00a0<\/span><\/p>\n

Bitcoin is exhibiting resilience and is currently trading at $54,469.05 with a 5.28% increase in the last 24 hours. This movement supports several statements from experts and market observers about the capacity of the coin to climb to a new high before the coming halving event.<\/span><\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Amidst the growing Bitcoin price, BlackRock\u2019s IBIT has crossed the $1 billion daily trading volume milestone on February 26. The update came from an X post by Senior Bloomberg ETF analyst Eric Balchunas.\u00a0 BlackRock\u2019s IBIT Defies Market Flaws While the trading volume does not equate to the amount of retained flows in the spot Bitcoin […]<\/p>\n","protected":false},"author":2,"featured_media":203199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-254704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/254704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=254704"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/254704\/revisions"}],"predecessor-version":[{"id":254706,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/254704\/revisions\/254706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203199"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=254704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=254704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=254704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}