Bitcoin bounces back as BlackRock registers $1 billion in trading volume

exchange68September 10, 2024

0 0 1 minute read

Quick Take

On Aug. 5, Bitcoin dropped to as low as $49,000, rebounded, then fell again. However, as the US market opened, the price of digital assets began to recover, reaching around $52,000.

In parallel to Bitcoin’s market movements, BlackRock’s IBIT saw remarkable trading activity, registering over $1 billion in volume within the first 30 minutes of trading. This performance places IBIT in the tenth spot among traditional ETFs, just above IVV with $930 million in volume and slightly below HYG with $1.07 billion, according to Coinglass.

Bitcoin ETF Overview: (Source: Coinglass)

Grayscale’s GBTC and Fidelity’s FBTC also demonstrated significant trading volumes, recording $160 million and $219 million, respectively. According to Coinglass, the total trading volume for Bitcoin ETFs reached $1.71 billion within the first 30 minutes of trading.

Analyst

James Van Straten

Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.