February 7 marked a milestone for spot Bitcoin exchange-traded funds (ETFs), with total daily trading volume surpassing $1 billion.
Among the key players, BlackRock's iShares Bitcoin Trust (IBIT) emerged as a leader, with a daily trading volume totaling $341.2 million, outperforming competitors such as the Grayscale Bitcoin Trust (GBTC) and Fidelity's FBTC fund.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is ENS? Ethereum Name Service Explained (ANIMATED)
The consistent flow of funds into spot Bitcoin ETFs has been evident, with the ninth consecutive day witnessing more inflows compared to outflows from GBTC.
Fred Krueger, an investor and author, reflected on the growing acceptance and adoption of Bitcoin ETFs among investors, saying:
ETFs are eating the world. They ate every other asset class, and they’re having Bitcoin for dessert.
In a related development, Fidelity reportedly integrated spot Bitcoin into its All-in-One Conservative ETF, further indicating the increasing mainstream acceptance of cryptocurrency ETFs.
As of February 8, the combined BTC holdings of the newly launched nine ETFs were on the verge of surpassing those of MicroStrategy, a prominent corporate holder of Bitcoin. BlackRock's fund surged by $56 million, Fidelity recorded inflows of $130 million, and Bitwise received inflows of $21 million.
This surge in trading volume and investor interest underscores the growing mainstream acceptance and adoption of Bitcoin and cryptocurrency ETFs, signaling a new phase in the evolution of digital asset investment.
Another big day for the spot Bitcoin ETF happened in January with the SFC application in Hong Kong.
