Bitcoin ETF volume reaches $5b as Bitcoin price drops to $91k
Since the day of its release, January 2024, Bitcoin ETF has seen a massive inflow from institutional investors, allowing it to diversify assets without owning Bitcoin on the crypto market.
Bitcoin spot exchange-traded fund (ETF) recorded volume trading of $5 billion on Nov. 26; the volume was led by dominant key players in the industry, including BlackRock, Fidelity and Grayscale.
According to Coinglass data, BlackRock’s iShares Bitcoin Trust (IBIT) record $3.46 billion volume trading in the past 24 hours. At the time of writing, IBIT is the highest among its competitors, with asset under management (AUM) and market capitalizations of $47 billion and $44 billion, respectively.
Fidelity Wise Origin Bitcoin Fund (FBTC), following the success of trading volume in the past day of $620 million and $79 per share. Fidelity’s AUM reached $18 billion and market cap $17 billion.
The third largest Bitcoin ETF issuer, Grayscale Bitcoin Trust ETF (GBTC), accounts for almost $400 million of trading volume. As the oldest issuer, GBTC has the highest expense ratio of 1.5% per share and accommodates the needs of investors with a lower ratio in Bitcoin Mini Trust (BTC), trading at $70 million.
Moreover, spot Bitcoin exchange-traded funds in the United States have experienced their second consecutive day of outflows this week, coinciding with Bitcoin’s price dipping below $91,000.
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $122.78 million in outflows on Nov. 26, a notable reduction from the $438.38 million in outflows seen a day earlier, which marked the largest single-day outflow since the U.S. elections.
The majority of Tuesday’s outflows came from Fidelity’s FBTC, which saw $95.68 million exit the fund. Additional outflows were recorded from Grayscale’s GBTC and Invesco’s BTCO, with $36.14 million and $2.27 million withdrawn, respectively.
These outflows were partially offset by inflows into Bitwise’s BITB and Grayscale’s Bitcoin Mini Trust, which logged $6.47 million and $4.84 million in inflows, respectively.
Meanwhile, BlackRock’s IBIT and the remaining six Bitcoin ETFs remained neutral on the day, reporting no significant inflows or outflows.
Bitcoin ETFs rise, BTC price drops
Bitcoin’s (BTC) price in the cryptocurrency market has seen a different faith, drowning to $91k or a decrease of 1.23% in the past days of trading. Although Bitcoin volume trading also rose about 12% to $91 billion, the coin’s market capitalization saw a slight decrease to $1.8 trillion, marking the dominance to 57%.
The crypto market also faces the same amount of liquidations as the previous day, which reached $465 million. Bitcoin and small market cap coins lead the market liquidations with $112 million and $81 million.
