Key Points
- Bitcoin ETF has experienced significant inflow from institutional investors since its release in January 2024.
- Bitcoin’s price has seen a decrease despite an increase in trading volume.
Since its launch in January 2024, the Bitcoin ETF has attracted a significant amount of investment from institutional investors. This has enabled these investors to diversify their portfolios without directly owning Bitcoin in the cryptocurrency market.
Bitcoin ETF Trading Volume
On November 26, the Bitcoin spot exchange-traded fund (ETF) saw a trading volume of $5 billion. This substantial volume was primarily driven by key industry players such as BlackRock, Fidelity, and Grayscale.
As per data from Coinglass, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a trading volume of $3.46 billion in the past 24 hours. Currently, IBIT leads its competitors with an asset under management (AUM) and market capitalizations of $47 billion and $44 billion, respectively.
The Fidelity Wise Origin Bitcoin Fund (FBTC) followed with a trading volume of $620 million and a share price of $79 in the past day. The AUM for Fidelity reached $18 billion, with a market cap of $17 billion.
Grayscale Bitcoin Trust ETF (GBTC), the third-largest Bitcoin ETF issuer, accounted for nearly $400 million in trading volume. As the oldest issuer, GBTC has the highest expense ratio of 1.5% per share and caters to investors with a lower ratio in Bitcoin Mini Trust (BTC), trading at $70 million.
Bitcoin Price and Market Conditions
In contrast to the rise of the Bitcoin ETF, the price of Bitcoin (BTC) in the cryptocurrency market has experienced a downturn, falling to $91k, a decrease of 1.23% in recent trading days. Despite a rise in Bitcoin trading volume of about 12% to $91 billion, the coin’s market capitalization saw a slight decrease to $1.8 trillion, marking its market dominance at 57%.
The cryptocurrency market experienced liquidations similar to the previous day, amounting to $465 million. Bitcoin and smaller market cap coins lead the market liquidations with $112 million and $81 million, respectively.