Bitcoin ETF has been gaining significant traction since its launch in January 2024, attracting institutional investors looking to diversify their assets without directly owning Bitcoin. The latest data shows that Bitcoin spot exchange-traded fund (ETF) hit a record volume of $5 billion on Nov. 26, with major players like BlackRock, Fidelity, and Grayscale leading the way.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded the highest trading volume of $3.46 billion in the past 24 hours, with an impressive asset under management (AUM) and market capitalization of $47 billion and $44 billion, respectively. Fidelity’s Wise Origin Bitcoin Fund (FBTC) also saw success with a trading volume of $620 million and $79 per share, reaching an AUM of $18 billion and market cap of $17 billion.
Grayscale Bitcoin Trust ETF (GBTC), as the third largest issuer, accounted for nearly $400 million in trading volume. Despite having the highest expense ratio of 1.5% per share, GBTC continues to cater to investors with different risk profiles through products like Bitcoin Mini Trust (BTC), which saw trading volume of $70 million.
While Bitcoin’s price experienced a slight dip to $91k, marking a 1.23% decrease in recent trading days, the overall trading volume for Bitcoin surged by 12% to $91 billion. However, the market capitalization of Bitcoin dropped slightly to $1.8 trillion, maintaining its dominance at 57%.
The cryptocurrency market also witnessed a significant amount of liquidations, totaling $465 million, with Bitcoin and small market cap coins leading in liquidated assets at $112 million and $81 million, respectively.
Overall, the popularity of Bitcoin ETF among institutional investors and the surge in trading volume indicate a growing interest in cryptocurrency as a viable investment option. Despite price fluctuations, the market continues to attract both seasoned and new investors looking to capitalize on the potential of digital assets.
