The world’s largest asset manager, BlackRock, iShares Bitcoin ETF (IBIT), set a new trading record, with over $3.9 billion in volume on March 14 as Bitcoin Price dropped 6%, according to data from CoinMarketCap.
Despite this, Bitcoin has started to rebound. IBIT has been leading in volume and inflows among the new ETFs launched in January, seeing a record $849 million inflow on March 12.
Grayscale’s GBTC remains the largest ETF by assets but came second in trading volume at $1.96 billion on March 14. Grayscale’s market share has dropped below 50%, with outflows of nearly $11.7 billion since converting to an ETF.
Bloomberg’s ETF analyst Eric Balchunas noted that the combined monthly trading volume of the ten ETFs has surpassed previous months, reaching $65 billion this month.
Additionally, net inflows set a record of over $1 billion on March 12. Bitcoin experienced a 2% drop in the last 24 hours, reaching a high of over $73,500 before falling to $68,855, then recovering to over $71,600.
The surge in trading volumes and record inflows for Bitcoin ETFs alongside Bitcoin’s price fluctuations underscores the growing investor interest and volatility in the cryptocurrency market.
Also Read: BlackRock IBIT Hits $14.7B Milestone in Bitcoin ETF
