US-approved Bitcoin spot ETFs continue to set records this week.
On Tuesday, Bitcoin ETFs listed on the US exchanges Nasdaq, CBOE and the New York Stock Exchange traded more than $2.000 billion per day, demonstrating the interest that investors have in these financial instruments.
For the second day in a row, Bitcoin ETFs have traded more than $2.000 billion in daily trades, with BlackRock’s iShares Bitcoin Trust (IBIT) currently the leading crypto investment fund in the market.
BlackRock recently set a new record, trading over $1.357 billion in volume on Tuesday. This was 5% higher than the $1.292 billion the company traded in its ETF on Monday.
Bitcoin ETFs outperform traditional stocks
Bloomberg ETF analyst Eric Balchunas noted that the current trading volume of Bitcoin-based investment products is higher than what most large-cap US stocks are trading at.
On his X account (formerly Twitter), the ETF analyst noted that it is not yet clear whether the intense volume traded through these ETFs is part of a new normal in the market or whether it is some kind of extreme movement driven by the prospects for the historic Bitcoin halving, which is estimated to take place in mid-April.
Balchunas also highlighted that BlackRock's Bitcoin ETF, IBIT, saw its number of individual trades grow by 40% this week.
Previously, BlackRock's ETF managed between 30.000 and 60.000 individual trades, the expert said. However, on Tuesday, this number rose significantly, reaching XNUMX. 100.000 individual operations.
Fourth week of consecutive entries
On the other hand, the report published by CoinShares each week, on the inflows into cryptocurrency-based investment funds, highlighted that, for the fourth consecutive week, Bitcoin ETFs have registered inflows.
According to the company's data, $598 million flowed into crypto-based investment products this week, of which $569,5 million went into Bitcoin-based products.
Source: coinshares, Digital Asset Fund Flows Weekly Report, Volume 171
The company's report also highlighted that the largest volume of inflows into cryptocurrency funds comes from the United States.
So far this year, cryptocurrency investment products have accumulated inflows worth a total of $5.700 billion, accounting for 55% of the record inflows recorded in 2021, CoinShares said.
Investor confidence in Bitcoin and cryptocurrencies is strengthening, so investment in this type of digital assets continues to boom. Even JPMorgan analysts, led by Kenneth Worthington, recognized the importance that Bitcoin is having in the investment markets. According to CoinDesk, the analysts said that the current appreciation of Bitcoin is contributing to improved flows into the cryptocurrency's exchange-traded funds, which in turn is driving BTC prices up in the market and is also driving up the price of other crypto assets and tokens.
Continue reading: Bitcoin Surges Above $56.000 for First Time Since 2021
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