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Bitcoin ETF surpasses Visa and Berkshire in trading volume
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Bitcoin (BTC) ETFs saw strong inflows following Donald Trump’s victory on November 6, notably BlackRock’s IBIT. According to data from the manager, the ETF reached the US$4.1 billion mark in trading volume on Wednesday (06) alone.
With this result, IBIT surpassed the volumes of shares of giants, such as Visa and Berkshire Hathaway. The latter is the holding of Warren Buffett, one of BTC’s best-known critics.
The strong spike in IBIT occurs because of the great demand for Bitcoin seen in recent days. This Thursday (07), the cryptocurrency once again surpassed US$76,000 and seeks to renew its historic high once again.
On Wednesday, the iShares Bitcoin Trust (IBIT) reached its highest trading volume, reaching $4.1 billion. It was the first time that IBIT managed to surpass US$4 billion in volume since its launch at the beginning of the year.
IBIT surpasses giants
For comparison, this trading volume exceeded that of major stocks like Berkshire Hathaway, Netflix, and Visa on the same day. Due to the large volume, the IBIT share price registered an increase of 10%, its second best performance since launch.
Bloomberg ETF analyst Eric Balchunas noted that this high volume would likely lead to inflows in the coming days. Together, the group of nine US Bitcoin ETFs did a total trading volume of $6 billion, the highest single-day performance since launch.
Most Bitcoin ETFs have seen trading activity double their daily average, according to Balchunas. In other words, current growth is driven by strong demand from investors.
“This is a successful day for the young ETF category, which continues to exceed expectations,” the analyst said.
Although IBIT led the trading volumes, the one that received the most inflows was FBTC. Fidelity’s Bitcoin ETF received more than $300 million in investments on Wednesday. ARKB, managed by Ark Invest, received US$127 million in inflows, while Bitwise’s BITB received US$100.9 million.
Grayscale’s mini ETF also saw more than $100 million in inflows. Finally, despite high volumes, IBIT recorded an outflow of investments, losing US$68 million. The data is from Farside Investors.
Bitcoin ETF surpasses Visa and Berkshire in trading volume
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Bitcoin ETF surpasses Visa and Berkshire in trading volume
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Bitcoin ETF surpasses Visa and Berkshire in trading volume
