After the opening of the US stock market on the evening of March 12, Bitcoin surged to a high of $73,095 and then dropped to a low of $68,600, before returning to the level of $71,000. The spot ETF, which has been driving the rise of Bitcoin, has also set multiple records.
Bitcoin reaches a new high, ETF’s size exceeds $55 billion, and the top ten currencies move together.
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Bitcoin spot ETF creates the second largest trading volume
BlackRock’s position size surpasses MicroStrategy’s at one point
Bitcoin spot ETF signs a new lease
Bitcoin spot ETF creates the second largest trading volume
Bloomberg ETF analyst Eric Balchunas pointed out that on March 12, the ten Bitcoin ETFs (excluding Hashdex) recorded the second largest trading volume of $8.5 billion, second only to the $10 billion on March 5.
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Among them, BlackRock’s IBIT had a trading volume of nearly $4 billion, which is twice that of the SPDR Gold Shares (GLD) Gold ETF. Vaneck (HODL) and Invesco (BTCO) had trading volumes of $150 million and $250 million, respectively, showing significant increases.
BlackRock’s position size surpasses MicroStrategy’s at one point
According to Lookonchain’s monitoring, the assets under management of ETF issuers changed as follows after the trading on the 12th:
Grayscale reduced its BTC holdings by 4,421, holding 395,745 BTC.
BlackRock increased its BTC holdings by 7,770, holding 203,755 BTC.
The total holdings of Bitcoin spot ETFs are 802,000 BTC, accounting for about 4% of the circulation.
As reported earlier, MicroStrategy announced that it had acquired an additional 12,000 BTC with funds raised from convertible bonds and idle funds, with an average cost of $68,477.
MicroStrategy currently holds 205,000 BTC with an average cost of $33,706. After briefly being surpassed by BlackRock, its asset size is now leading BlackRock by 1,245 BTC.
(BTC at 71K! BlackRock’s IBIT holds more Bitcoin than MicroStrategy, GBTC has been surpassed by other ETFs)
Bitcoin spot ETF signs a new lease
Eric Balchunas stated that although Bitcoin spot ETF has only been around for two months, it feels like half a year. The assets of the ten ETFs exceed $55 billion, with trading volume exactly twice that at $110 billion.
He originally expected to reach the above numbers by the end of the year, and he would consider Bitcoin ETF a success. But it only took eight weeks to achieve it, which is truly incredible.
In addition, among all the net flows of ETFs from the beginning of the year to the present, BlackRock and Fidelity’s Bitcoin ETFs rank third and fourth, alongside the world’s largest ETFs. This is completely beyond his initial expectations.
MicroStrategy
BlackRock
Further reading
BTC at 71K! BlackRock’s IBIT holds more Bitcoin than MicroStrategy, GBTC has been surpassed by other ETFs
BlackRock adds more, applies for investments in Bitcoin for its global allocation fund and strategic income opportunity fund.