Bitcoin hits $73,000, Spot ETF sets second highest trading volume, holding 800,000 BTC.
Bitcoin hit a new high of $73,095 and dropped to a low of $68,600 before returning to $71,000 during the evening trading session on March 12th. The spot ETF, which has been driving the Bitcoin surge, has also set multiple records.
Bitcoin Spot ETF Sets Second Largest Trading Volume
According to Bloomberg ETF analyst Eric Balchunas, the ten Bitcoin ETFs (excluding Hashdex) achieved the second highest trading volume of $8.5 billion on March 12th, second only to the $10 billion volume on March 5th.
Among them, BlackRock’s IBIT had a trading volume of nearly $4 billion, which is twice the trading volume of the SPDR Gold Shares (GLD) gold ETF. Vaneck (HODL) and Invesco (BTCO) also saw significant increases in trading volume, with $150 million and $250 million respectively.
BlackRock’s Holdings Surpass MicroStrategy
According to Lookonchain, the asset holdings of ETF issuers changed as follows after the trading on the 12th:
– Grayscale reduced its Bitcoin holdings by 4,421 BTC, holding a total of 395,745 BTC.
– BlackRock increased its Bitcoin holdings by 7,770 BTC, holding a total of 203,755 BTC.
The total holdings of Bitcoin spot ETFs reached 802,000 BTC, accounting for approximately 4% of the circulating supply.
Previously, MicroStrategy announced that it had raised additional funds through convertible bonds and idle funds to buy an additional 12,000 BTC at an average cost of $68,477. MicroStrategy currently holds 205,000 BTC with an average cost of $33,706. After briefly being surpassed by BlackRock, MicroStrategy’s asset holdings once again exceeded BlackRock by 1,245 BTC.
Bitcoin Spot ETF Achieves New Milestone
Eric Balchunas stated that although Bitcoin spot ETFs have only been available for two months, it feels like half a year. The total assets of the ten ETFs have exceeded $55 billion, with trading volume reaching $110 billion, double the amount of assets. He initially expected to reach these numbers by the end of the year and considers it remarkable to achieve it in just eight weeks.
In addition, BlackRock and Fidelity’s Bitcoin ETFs are ranked third and fourth, respectively, in terms of net inflows among all ETFs from the beginning of the year. This is completely unexpected compared to the initial expectations.
MicroStrategy
BlackRock
