Bitcoin had a big, wild day on Tuesday, setting a new all-time high price above $69,000 before crashing below $61,000. Even so, the buzz around and ahead of the new peak pushed Bitcoin ETF mania to new heights—and BlackRock snatched up a huge amount of BTC to meet the growing hype.

BlackRock’s iShares Bitcoin ETF (IBIT) saw inflows of $778.3 million worth of Bitcoin, according to data from BitMEX Research. BitMEX reports that BlackRock added 12,447.3 BTC, resulting in an average price of just above $62,500.

That suggests that BlackRock likely bought the dip yesterday after the price crashed after setting an all-time high price of $69,324 early Tuesday, according to pricing data from Coinbase. The fund’s assets under management (AUM) hit a record 183,345 BTC on Tuesday, or $12.3 billion worth as of this writing.

The world’s biggest fund manager is leading the charge for spot Bitcoin exchange-traded funds in the United States following their long-awaited approval by the U.S. Securities and Exchange Commission in January.

Image: Isabelle OHara / Shutterstock.com

BlackRock Bitcoin ETF Sets New Record With $3.8 Billion In Trading Volume

BlackRock's new Bitcoin fund is immensely popular: the iShares Bitcoin Trust (IBIT) set a new trading day record today, attracting close to $3.8 billion in volume. Nasdaq data shows that IBIT's trading volume was $3.75 billion—smashing the previous record of $3.3 billion set just last week. The trading actions come as Bitcoin's price hit a new high earlier today. The biggest cryptocurrency broke above $69,000 per coin on America's biggest crypto exchange, Coinbase—although it then dropped quickl...

NewsMarkets
2 min read
Mat Di Salvo

According to Nasdaq data, BlackRock’s Bitcoin ETF saw $3.75 billion worth of trading volume on Tuesday, smashing the fund’s previous daily record of $3.3 billion from last week.

Broadly, all 10 spot Bitcoin ETFs in the United States collectively saw a record $10 billion worth of volume on Tuesday, according to Bloomberg analyst Eric Balchunas, who characterized the trading demand as “bananas numbers for ETFs under 2 [months] old.”

He added that the Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), and ARK 21Shares Bitcoin ETF also had record volume days on Tuesday.

Bitcoin’s price has rebounded from late Monday’s lows, with the price sitting at $67,175 as of this writing—nearly $2,000 away from Tuesday’s all-time high.

Edited by Ryan Ozawa.

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