Bitcoin exchange-traded funds (ETFs) traded in the US surpassed $2 billion on Tuesday, but this wasn’t quite as high as the all-time high of $2.4 billion set on Monday.
BlackRock’s Bitcoin ETF continued its hot streak on Tuesday, trading over $1.3 billion for the second day. This breaks the previous record set on Monday and is likely fueled by the recent surge in Bitcoin price to $57,000.
Key points
- BlackRock’s Bitcoin ETF traded a lot of shares (over $1.3 billion) for the second day straight.
- This is even more than the previous record set on Monday.
- This high trading volume might be due to the recent increase in Bitcoin price.
Lots of trading doesn’t always mean good news. While higher volume can indicate interest, it doesn’t tell us if people are buying or selling.
The big jumps in trading volume happened because the price of Bitcoin went up dramatically on Monday. It broke free from a period of staying flat, increasing by over 10% to reach $57,000, which is the highest price it’s been since November 2021. Overall, Bitcoin is up 6% in the last day, doing better than most other major cryptocurrencies.
Fidelity attracted the most new money ($243 million), followed by Ark and 21Shares’ ARKB ($130 million). BlackRock’s IBIT also received new investments ($111 million), which was lower than its usual amount since it started trading.
