BlackRock’s Bitcoin ETF Breaks Personal Record With $1.3B Volume: Bloomberg Intelligence

cryptonews.com:

BlackRock’s spot Bitcoin exchange-traded fund (ETF) trading under the ticker symbol “IBIT” broke its personal record on Tuesday attracting $1.3 billion record daily volume, according to Eric Balchunas from Bloomberg Intelligence.

U.S.-listed IBIT continues to lead the market and set an unprecedented record in the market as the product continues to attract huge interest.

“Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that’s more than most large cap US stocks trade). I don’t know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL,” posted Balchunas on X.

“Also interesting $IBIT saw over 100,000 individual trades today. It was doing 30-60k the whole time up until Tuesday. It’s like it found a new gear over Pres Day wknd. I thought maybe it was just pent up volume due to long wknd but it did even more today so there goes that theory,” adds Balchunas.

Also interesting $IBIT saw over 100,000 individual trades today. It was doing 30-60k the whole time up until Tuesday. It's like it found a new gear over Pres Day wknd. I thought maybe it was just pent up volume due to long wknd but it did even more today so there goes that theory pic.twitter.com/YTWp4BosIo

— Eric Balchunas (@EricBalchunas) February 27, 2024

There is pent-up demand for the spot Bitcoin ETFs. In a recent interview, MicroStrategy executive chairman and co-founder Michael Saylor said there is over a decade of pent-up demand for Bitcoin ETFs.

“There’s 10 years of pent-up demand people been waiting for these ETFs and finally, mainstream investors are able to access Bitcoin and I think that’s what’s driving the surge of capital in the asset class,” Saylor told