Bitcoin ETF Volume Hits $5 Billion Amid Bitcoin Price Dip to $91k

Since its launch in January 2024, the Bitcoin spot exchange-traded fund (ETF) has attracted substantial inflows, especially from institutional investors. As of November 26, 2024, the Bitcoin ETF reached a significant $5 billion in trading volume, primarily driven by major players like BlackRock, Fidelity, and Grayscale.

Key Bitcoin ETF Players

• BlackRock’s iShares Bitcoin Trust (IBIT) led the charge with a trading volume of $3.46 billion in the last 24 hours. It currently holds an Asset Under Management (AUM) of $47 billion and a market cap of $44 billion, making it the largest Bitcoin ETF.
• Fidelity Wise Origin Bitcoin Fund (FBTC) recorded a $620 million trading volume, with an AUM of $18 billion and a market cap of $17 billion.
• Grayscale Bitcoin Trust ETF (GBTC), the oldest Bitcoin ETF, saw $400 million in trading volume, with an expense ratio of 1.5% per share, making it less cost-effective than newer offerings.

Bitcoin ETF Outflows and Bitcoin Price Drop

Despite the growing trading volume, spot Bitcoin ETFs in the U.S. have experienced outflows. On November 26, 2024, the 12 Bitcoin ETFs tracked saw a $122.78 million outflow, a drop from the previous day’s $438.38 million—the largest single-day outflow since the U.S. elections.

• Fidelity’s FBTC experienced the most significant outflow, with $95.68 million withdrawn.
• Grayscale’s GBTC saw $36.14 million exit, while Invesco’s BTCO recorded $2.27 million in outflows.
• However, Bitwise’s BITB and Grayscale’s Bitcoin Mini Trust had modest inflows of $6.47 million and $4.84 million, respectively.

Bitcoin Price Movements

Simultaneously, Bitcoin’s price has dropped to $91,000, marking a 1.23% decrease in recent days. Despite a 12% rise in Bitcoin’s trading volume to $91 billion, the cryptocurrency’s market cap decreased slightly to $1.8 trillion, with Bitcoin’s dominance at 57%. The overall market saw $465 million in liquidations, with Bitcoin leading the charge at $112 million.

These developments indicate a complex interplay between institutional interest in Bitcoin ETFs and the fluctuating price of Bitcoin, highlighting the ongoing volatility in the cryptocurrency market.