Bitcoin ETF mania is in full swing, and the biggest players in the game continue to break records. BlackRock just had its best trading day yet.
More than $1.3 billion worth of shares of the newly approved Bitcoin ETF traded on Monday, according to data from Nasdaq. This surpassed the previous record of just over $1 billion in trading volume. BlackRock’s iShares Bitcoin Trust Debut on January 10th.
And as appetite for the biggest virtual coins grows, the fund now has $6.6 billion in assets under management.
Last January, the U.S. Securities and Exchange Commission (SEC) approved 10 Bitcoin ETFs after 10 years of rejecting applications. The fund now allows investors to gain exposure to Bitcoin by purchasing ETFs that trade similarly to stocks.
Although it received approval from a number of major Wall Street firms, BlackRock’s ETF was highly anticipated because it is the world’s largest fund manager.
This application alone helped spark the BTC rally, with the company filing an S-1 form with the SEC last June to launch a cryptocurrency fund.
Bitcoin ETFs have since become wildly successful, stealing attention from other funds that offer investors exposure to cryptocurrencies, European digital asset manager CoinShares said.
BlackRock, along with other top fund managers, also filed an application for an Ethereum spot ETF with the SEC. BlackRock CEO Larry Fink said he “sees value” in such products.
Bitcoin prices continued to surge Monday afternoon, trading at $54,762 per coin at 5:30 PM ET, according to CoinGecko. This is the first time since late 2021. That’s a 6% increase in 24 hours.
The price of the coin is up 25% from $43,495 on January 1. It is now just over 20% below the all-time high of $69,044 in November 2021.