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BlackRock's Bitcoin ETF Sees Record-Breaking $1 Billion Volume in 20 Minutes

Nov 6, 2024, 03:02 PM

BlackRock's spot Bitcoin ETF, IBIT, has experienced unprecedented trading activity, with $1 billion in volume within the first 20 minutes of trading on November 6, 2024. This surge in volume is typically what the fund sees in an entire day, setting the stage for a record-breaking day. Last week, on October 30, IBIT saw its largest one-day inflow amounting to $885 million, bringing its assets under management to approximately $30 billion. Bloomberg Senior ETF analyst Eric Balchunas highlighted the remarkable trading volume, indicating a feeding frenzy rather than a crisis-driven surge. Spot Bitcoin ETFs now hold over 1 million BTC valued at more than $72 billion.