Bitcoin ETFs have reached a significant milestone, with trading volumes hitting $5 billion on November 26, 2024. The surge in volume is largely driven by institutional investors, including major players like BlackRock, Fidelity, and Grayscale, allowing them to gain exposure to Bitcoin without directly holding the cryptocurrency.
BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, recording an impressive $3.46 billion in trading volume over the past 24 hours. IBIT remains the dominant Bitcoin ETF, with assets under management (AUM) of $47 billion and a market capitalization of $44 billion, according to Coinglass data.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed closely, trading $620 million in volume and priced at $79 per share. The fund has AUM of $18 billion and a market cap of $17 billion. Grayscale’s Bitcoin Trust ETF (GBTC), the third-largest Bitcoin ETF issuer, recorded almost $400 million in trading volume, despite having the highest expense ratio among its peers at 1.5% per share.
However, the price of Bitcoin itself has experienced a downturn, dropping to $91,000, a 1.23% decrease in the last few days. Despite this, Bitcoin’s trading volume rose by 12% to $91 billion, though its market capitalization slipped slightly to $1.8 trillion, reducing its dominance in the crypto market to 57%.
The broader cryptocurrency market has also faced significant liquidations, with $465 million worth of liquidations recorded across all digital assets. Bitcoin and smaller market cap coins led the liquidations, with $112 million and $81 million respectively.
Despite the price drop, the continued rise in Bitcoin ETF volumes signals strong institutional interest, reflecting the growing demand for regulated crypto investment vehicles.
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