BlackRock’s spot Bitcoin ETF IBIT dominated trading volume on November 6, with over $4 billion worth of shares traded during the day, according to data from Coinglass. While the trading volume was impressive, IBIT reported a daily outflow of $69 million, followed by additional outflows earlier in the week.
The ETF’s price was also up 10% during yesterday’s trading session. The IBIT fund hit $1 billion in trading volume within the first 20 minutes of trading yesterday, according to Bloomberg analyst Eric Balchunas. The spike was comparable to October 30 when a similar surge in trading volume preceded massive inflows into IBIT.
The fund alone raked in around $1.8 billion in investments over the next few days. Despite the outflows, the group of US spot Bitcoin ETFs secured a winning day. Data shows that these funds collectively netted $621 million, reversing a negative trend that had been ongoing for the last three days. Fidelity’s FBTC led inflows with $309 million in net buying.
The fund has hit $1.5 billion in net inflows since its debut.