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Bitcoin ETF trade volumes quieted down slightly Thursday following a record showing \u2014 but remained well above average amid the ongoing crypto rally.<\/p>\n
The roughly $4.7 billion in trading volumes was the second-best total for the 10 US bitcoin funds since launching on Jan. 11.<\/p>\n
The volumes indicate sustained investor appetite for the once-elusive products about two months away from a bitcoin halving event<\/a> set to slow the creation of new bitcoin.<\/p>\n Read more: <\/strong>How the halving could impact bitcoin\u2019s price<\/a><\/p>\n BlackRock<\/a>\u2019s iShares Bitcoin Trust (IBIT) finished the day just shy of $1.9 billion in trading volumes, according to Yahoo Finance data \u2014 down from the high of roughly $3.3 billion it posted on Wednesday.<\/p>\n Matt Hougan, chief investment officer of Bitwise, said during a Thursday interview with CNBC that bitcoin\u2019s supply-demand dynamic is \u201coff the hook.\u201d<\/p>\n Bitcoin\u2019s price (BTC<\/a>) was about $61,100 at 4:30 pm ET on Thursday \u2014 up nearly 18% from a week ago and about 1.3% in the last 24 hours.<\/p>\n IBIT\u2019s volumes led all bitcoin ETFs<\/a> Wednesday on a day where the segment notched record volumes amounting to $7.6 billion<\/a> \u2014 a total that shattered the previous high of about $4.5 billion set on Jan. 11.<\/p>\n The BlackRock fund was the leader again Thursday, as it tallied more than $1 billion in trade volumes for a fourth straight day.\u00a0<\/p>\n As part of Wednesday\u2019s record bitcoin ETF volumes day, the Grayscale Bitcoin Trust ETF (GBTC<\/a>) and the Fidelity Wise Origin Bitcoin Fund (FBTC) contributed $1.8 billion and $1.4 billion, respectively.<\/p>\n GBTC\u2019s trade volumes dipped to nearly $1.4 billion on Thursday. FBTC\u2019s volumes dropped too, but stayed slightly above $1 billion.\u00a0<\/p>\n The elevated volume levels have translated to net inflows, with bitcoin ETFs seeing all-time high net inflows of $673 million<\/a> on Wednesday, BitMEX Research data indicates. That record came despite $216 million exiting higher-priced GBTC.<\/p>\n Flow data for Thursday was not available at time of publication.<\/p>\n
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