Amidst the growing Bitcoin price, BlackRock’s IBIT has crossed the $1 billion daily trading volume milestone on February 26. The update came from an X post by Senior Bloomberg ETF analyst Eric Balchunas.
BlackRock’s IBIT Defies Market Flaws
While the trading volume does not equate to the amount of retained flows in the spot Bitcoin ETF market, it is also an important metric to acknowledge.
BlackRock’s IBIT has been outperforming many of its counterparts in the spot Bitcoin ETF market including the high-sponsor fee Grayscale’s GBTC. Recently, IBIT and GBTC both plunged in terms of their pre-market trading volume which underscored their unusual correlation.
To appreciate the current boost in trading volume, BlackRock’s IBIT registered a drop of about 2.02% as it was valued at $29.07 at press time in the Pre-market trading session last week Wednesday.
This drop came after BlackRock’s IBIT earlier closed at $29.67 on Tuesday with a 0.17% gain. On the other hand, Grayscale
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