- BlackRock’s new IBIT Bitcoin ETF has seen the highest trading volume among the newly launched “Newborn Nine” spot Bitcoin ETFs, accumulating over 11,500 BTC.
- IBIT’s early success positions it to potentially overtake established products like GBTC as the top Bitcoin fund.
- The Bitcoin ETF sector is rapidly expanding, with IBIT leading a new wave of spot ETFs demonstrating growing mainstream acceptance of crypto as an asset class.
BlackRock‘s new Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), has outpaced its competitors in trading volume during the first few days after launch.
New Bitcoin ETFs See Strong Early Trading Volume
The IBIT ETF has seen significant inflows totaling around $497.7 million over its first two days of trading. This has allowed BlackRock to accumulate approximately 11,500 BTC so far for its new fund.
Fidelity’s Wise Origin Bitcoin Trust (FBTC) is the next highest in early trading volume, taking in $422.3 million in flows over the same period.
Overall, the group of newly launched spot Bitcoin ETFs, referred to as the “Newborn Nine,” have seen robust volumes matching industry expectations of around $500 million per day so far.
IBIT Poised to Challenge Established Funds
With its high trading volumes, the IBIT ETF looks ready to challenge longstanding products like the Grayscale Bitcoin Trust (GBTC) for the title of top Bitcoin fund.
GBTC has been the dominant player so far thanks to its first-mover advantage in the market. However, analysts suggest it’s only a matter of time before BlackRock surpasses even major institutional Bitcoin holders like MicroStrategy.
The early success of new entrants like IBIT points to growing mainstream acceptance of crypto assets as an investable asset class.
Bitcoin ETF Sector Heating Up
The launch of these new “Newborn Nine” ETFs comes on the heels of the first Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), which saw massive trading volumes after debuting in 2021.
While BITO set records as the fastest organic ETF launch ever, its early volumes have been dwarfed by the newest spot Bitcoin ETFs. This demonstrates the pent-up demand among investors for direct exposure to Bitcoin through regulated investment vehicles.
The growth of the Bitcoin ETF sector, led by new funds like IBIT, marks a maturation of the crypto space and sets the stage for even broader retail and institutional adoption of digital assets.
