BlackRock’s iShares Bitcoin Trust (IBIT), an exchange-traded fund (ETF), led daily trading volumes on February 7, contributing to spot Bitcoin ETFs topping a billion dollars for the day. Bloomberg Intelligence analyst James Seyffart reported that IBIT saw a daily trading volume of $341.2 million, surpassing the Grayscale Bitcoin Trust’s (GBTC) $296.5 million volume.
Fidelity's FBTC fund followed with $200 million in volume, while seven other funds accumulated $188 million in daily volume. While the total trading volume surpassed $1 billion, Seyffart pointed out that this achievement "isn't that big of a deal" for Bitcoin ETFs, as it marked a slight uptick from recent days but was still below the volumes witnessed in the first weeks of trading.
On a different note, inflows into spot Bitcoin ETFs have continued to outweigh outflows from GBTC for nine consecutive days. Preliminary data from Farside showed that GBTC registered $81 million in outflows, while the other nine spot Bitcoin ETFs reported $226 million in inflows on February 7.
Fred Krueger, an investor and author, noted that the combined Bitcoin holdings of the nine new ETFs were close to surpassing those of MicroStrategy, the largest corporate holder of Bitcoin. As of February 7, ETF funds held around 187,000 BTC, whereas MicroStrategy held 190,000 coins.
In related news, Fidelity is now reportedly allocating spot Bitcoin to their All-in-One Conservative ETF, a move seen as a positive sign by ETF analyst Eric Balchunas.
