Bitcoin ETF mania is in full effect, and the biggest player in the game continues to break records: BlackRock just notched its best day of trading yet.
Over $1.3 billion in shares of the newly approved Bitcoin ETF traded on Monday, data from the Nasdaq shows. That tops its previous record of just over $1 billion in trading volume when BlackRock's iShares Bitcoin Trust debuted on January 10.
And as appetite for the biggest virtual coin grows, the fund now has $6.6 billion in assets under management.
The Securities and Exchange Commission (SEC) in January approved 10 spot Bitcoin ETFs after a decade of denying applications. The funds now enable investors to gain exposure to Bitcoin by buying into an ETF, which trade similarly to stocks.
Bitcoin ETF Mania Drives Record Week for Crypto Funds So Far This Year
Demand for the recently approved spot Bitcoin exchange-traded funds (ETFs) doesn’t appear to be going anywhere: Last week alone, investors plugged $2.45 billion into crypto funds—a new record, according to CoinShares. The Jersey-based digital asset manager said in a Monday report that the total assets under management of the funds now stands at $67 billion—the highest it’s been since December 2021, in the midst of a bull run. CoinShares tracks institutional investor data; the crypto funds it m...
A number of major Wall Street firms got the green light but BlackRock's ETF was highly anticipated as it's the world’s biggest fund manager.
Its application alone helped spur a BTC rally last June when it filed an S-1 form with the SEC to launch the crypto fund.
The Bitcoin ETF has since been a roaring success, stealing the show from other funds which give investors exposure to cryptocurrencies, European digital asset manager CoinShares has said.
BlackRock has also filed an application with the SEC for a Ethereum spot ETF—along with other top fund managers. BlackRock CEO Larry Fink has said he "sees value" in such a product.
The price of Bitcoin continued to surge Monday afternoon, trading for $54,762 per coin 5.30 pm Eastern Time—for the first time since late 2021, according to CoinGecko. That's a 6% 24-hour rise.
The coin has increased in price by 25% since January 1, when it was priced at $43,495. It's now just over 20% shy of its November 2021 all-time high of $69,044.
