Since its release in January 2024, the Bitcoin ETF has experienced significant inflows from institutional investors. This allows for asset diversification without the necessity of owning Bitcoin directly on the crypto market.
Massive Trading Volume for Bitcoin ETF
The Bitcoin spot exchange-traded fund (ETF) recorded a trading volume of $5 billion on November 26. This volume was driven by major industry players, including BlackRock, Fidelity, and Grayscale.
BlackRockβs Dominance
According to recent data, BlackRockβs iShares Bitcoin Trust (IBIT) recorded a trading volume of $3.46 billion in the past 24 hours. At the time of writing, IBIT leads its competitors with assets under management (AUM) of $47 billion and a market capitalization of $44 billion.
Fidelityβs Performance
Fidelityβs Wise Origin Bitcoin Fund (FBTC) reported a trading volume of $620 million and a share price of $79. The fund’s AUM reached $18 billion, with a market cap of $17 billion.
Grayscaleβs Position
Grayscale Bitcoin Trust ETF (GBTC), the third largest Bitcoin ETF issuer, accounted for nearly $400 million in trading volume. As the oldest issuer, GBTC has the highest expense ratio of 1.5% per share. It also offers a lower expense ratio option with the Bitcoin Mini Trust (BTC), which traded at $70 million.
Bitcoin ETF Rise Amidst BTC Price Drop
The Bitcoin price in the cryptocurrency market has seen a decrease, falling to $91k, marking a 1.23% drop in recent trading days. Despite the decline, Bitcoin trading volume rose by approximately 12% to $91 billion. However, the coin’s market capitalization saw a slight decrease to $1.8 trillion, with a market dominance of 57%.
Market Liquidations
The crypto market faced significant liquidations amounting to $465 million, similar to the previous day. Bitcoin led the market liquidations with $112 million, followed by smaller market cap coins with $81 million.
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