Total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) topped a billion dollars on Feb. 7, with BlackRock leading the pack.
Bloomberg Intelligence analyst James Seyffart described it as a “big volume day” for BlackRock’s IBIT Bitcoin ETF, which saw a daily trading volume of $341.2 million, eclipsing Grayscale Bitcoin Trust’s $296.5 million in volume, according to Seyffart.
Meanwhile, Fidelity’s FBTC fund came in third with $200 million in volume, and the remaining seven funds had $188 million in daily volume — bringing the total for the day to more than a billion dollars.
Seyffart however commented that crossing $1 billion “isn’t that big of a deal” for the Bitcoin ETFs” as “it's a tick-up from recent days but still far below the first couple of weeks of trading.”
Big volume day for $IBIT. Total volume over $1 billion for the group. https://t.co/Fv8G4P7cvb pic.twitter.com/EGzt431oOr
— James Seyffart (@JSeyff) February 7, 2024
Spot Bitcoin ETFs rake it in sans GBTC
Meanwhile, inflows into spot Bitcoin ETFs have continued to outpace bleeding from GBTC for the ninth day in a row.
According to preliminary data from Farside, GBTC notched $81 million of outflows on Feb. 7, while the other nine spot Bitcoin ETFs brought in $226 million of inflows — bringing net flows to $145 million.
BlackRock saw an inflow of $56 million, while Fidelity’s fund increased by $130 million, and Bitwise inflowers were $21 million.
On Feb. 8, investor and author Fred Krueger observed that the combined BTC holdings of the newly launched nine ETFs were about to exceed those of the largest corporate holder of the asset, MicroStrategy.
The ETF funds hold around 187,000 BTC as of Feb. 7, whereas MicroStrategy holds 190,000 coins after snapping up another 850 BTC in January, increasing its total holdings to a value of more than $8 billion.
“ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for dessert,” he commented.
Tomorrow is the day the Green (187 BTC) switches places with the Orange (190 BTC).
— Fred Krueger (@dotkrueger) February 8, 2024
It will have taken less than 30 days for the New9 to overtake MSTR in Bitcoin Holdings.
ETFs are eating the world. They ate every other asset class, and they're having Bitcoin for desert. pic.twitter.com/sJDMMxg8sl
Related: BlackRock and Fidelity Bitcoin ETFs reach top 10 in January flows
It was also reported that Fidelity is now allocating spot Bitcoin to their All-in-One Conservative ETF.
“If they’re adding to conservative, that’s probably a good sign,” commented ETF analyst Eric Balchunas.
Fidelity has a 1-3% bitcoin allocation in their "All-in-One" asset allocation funds in Canada, using spot bitcoin ETFs. The "Conservative" version is posted below.
— Matt Hougan (@Matt_Hougan) February 7, 2024
When and if this become the norm for portfolios in the US, wow... @scottmelker pic.twitter.com/1NgoKhzf2b
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