BlackRock is expected to close the market at a total volume of $5 billion. The predicted estimate is based on the number for February 14, 2024, when IBIT—that is, iShares Bitcoin Trust—bagged a daily volume worth $720 million. That is the highest figure since the time of the launch of IBIT.
The rise is built on what has happened in the last 3–4 days. The lowest that the daily volume went to was on February 6, 2024. A total of approximately $50 million was recorded on that day. However, it followed a constant rise on February 13, 2024, taking it forward too close to $493 million. Analysts say that the rise is likely due to higher inflows and low sales from investors. Also, the selling pressure from GBTC has calmed down in recent times.
In fact, it recorded only $72.8 million worth of outflow on February 13, 2024. Outflows from the fund have now remained under $100 million for most of the month.
Flows for GBTC and FBTC, that is, the Fidelity Wise Origin Bitcoin Fund, were also higher on February 14. Each reflected a number of $681 million and $455 million, respectively. Seven other ETF products have a daily volume of less than $200 million.
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Grayscale’s GBTC holds the most market capitalization of $24 billion with continuous outflows. BlackRock and Fidelity are closer to $5 billion and $4 billion, respectively. Eric Balchunas, an ETF analyst with Bloomberg, described the trend as a more unusual second-wind strength for IBIT.
Eric said that the ongoing trend is interesting because IBIT has been correlated with outflows from GBTC for most of its existence. They have further hinted that BlackRock’s fund may now find its own market space.
BTC has surpassed the milestone of $52,000 at the time of articulating this piece. It is pretty impressive to see the way in which Bitcoin is reacting at the moment. ETH is following the trend with a valuation of more than $2,700. The rise in the trading value of Bitcoin has been 4.76% in the last 24 hours and 17.03% in the last 7 days. The 24-hour trading volume is also up by 29.82%.
As for ETH, the surge in its value has been 5.03% in the last 24 hours and 14.88% in the last 7 days, with an increase of 48.99% in the 24-hour volume.
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All eyes are now on other crypto ETFs, with Ether ETF expected to be the first one to be approved by the SEC. Chances are bleak, but crypto enthusiasts remain bullish about it nonetheless. The Commission may approve the first batch of Ether ETF applications by the middle of this year. To reiterate, this is merely speculation and not a certainty.
