BlackRock’s Spot Bitcoin ETF ranked as the most popular of 11 new funds available on Robinhood in terms of trading volume, the company’s chief brokerage officer Steve Quirk told The Block.
“The BlackRock product was the one that saw the highest volume from our perspective, followed closely by Grayscale,” he said in an interview.
“Basically, customers are saying, ‘We want an affordable way to have this as a component of our portfolio,’” he continued. “Grayscale is selling and continues to sell, while the others continue to sell big.” buy.”
A third of Robinhood users who recently chose to buy spot Bitcoin ETFs did so after selling part of their existing portfolio, Quirk said.
“Of all the people who participated in these 11 (spot Bitcoin ETFs) trades, 33% of people sold part of their portfolio. So they sold some stocks and then bought these ETFs. So they basically This is a component of their portfolio.”
trading volume
While BlackRock’s new ETF is generating more trading volume on Robinhood, in the broader market Grayscale has seen the most activity among currently trading spot Bitcoin exchange-traded funds. According to Bloomberg Intelligence, a significant portion of Grayscale’s volume comes from leaks.
The company’s spot Bitcoin ETF is a conversion of its flagship GBTC fund and charges higher fees than some of its competitors. The size of the assets under management was much larger, and investors who wanted to sell before the ETF conversion faced large discounts.
Grayscale did not immediately respond to a request for comment.
To date, more than 90% of all spot Bitcoin ETF trading has occurred through the top three funds by volume offered by Grayscale, BlackRock, and Fidelity. On the fifth day of trading, the cumulative trading volume for all spot Bitcoin ETFs was $12.7 billion as of 12:47 PM ET.
‘Top 20’ Investments
Quirk, who is bullish on spot Bitcoin ETFs, said he is pleased with how popular the new Bitcoin-based product has become among Robinhood users.
“If you look at overall trading volume in our world, these ETFs are in the top 20 most popular investments on the platform,” he said.
Last week, Robinhood announced that it would list all 11 spot Bitcoin ETFs on its trading platform.
“We believe that cryptocurrencies are the financial framework of the future and that Bitcoin has become more accessible. Having ETFs is a good thing for the industry,” Johann Kerbrat, general manager of Robinhood Crypto, said at the time.
Robinhood currently has 23 million users.
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