BlackRock’s iShares Bitcoin Trust (IBIT) ETF saw its volume spike above $3.7 billion, surpassing ETFs like Vanguard, which is followed by the S&P 500 (VOO). The surge in IBIT ETF trading volume triggered a rebound in the Bitcoin price, which recorded a more than 6% increase over the past 24 hours after a sharp decline earlier this week.
According to on-chain data provided by Barchart, IBIT generated $3.7 billion in trading volume, outpacing the Vanguard S&P 500 ETF (VOO), which recorded $3.28 billion, placing IBIT among the most actively traded ETFs across the US ETF market. The shift in price followed the Monday announcement, when Vanguard revealed that it would begin allowing Bitcoin ETFs and crypto mutual funds to trade on its brokerage platform.
IBIT hits milestone as BTC price rebounds
BlackRock’s IBIT ETF has accumulated more than $66.2 billion in total so far, representing a 3.88% share of BTC, according to on-chain data by SoSoValue. In addition, the ETF recorded a net outflow of $65.92 million in December alone, bringing the total to $2.34 billion withdrawn in November. To date, BlackRock manages over 1,400 ETFs, with assets under management exceeding $13.4 trillion.
As IBIT saw a surge in part of its trading volume, Bitcoin also experienced a rebound yesterday, with a 7% price increase over the past 24 hours. At the time of publication, BTC was trading around $92,990. Ethereum, XRP, and Dogecoin also gained about 7% during the same period. Cardano’s ADA, one of the primary cap tokens, increased by 14% as well as Chainlink’s LINK, which recorded an 11% increase.
According to a report by Cryptopolitan, Vanguard Group, the world’s second-largest asset manager, announced on Monday that it plans to expand its scope in the crypto industry, enabling the trading of mutual funds and ETFs that invest in cryptocurrencies. The asset manager clarified that it would enable its users to trade ETFs and mutual funds that focus on Bitcoin, Ether, XRP, and Solana.
Andrew Kadjeski, head of brokerage and investments at Vanguard, said that they conducted a test on crypto ETFs and mutual funds, which delivered results that showed they functioned as intended, as investors found it easy to buy and sell them. Meanwhile, Vanguard’s asset base exceeds $11 trillion and is accessible to over 50 million brokerage clients.
In contrast to the growth momentum of crypto ETFs like IBIT, Bitcoin mining stocks have maintained a declining trend, which has persisted despite broader market recoveries. Iren’s stock dropped approximately 15% over the past 24 hours, marking one of the most significant declines among publicly traded miners. Cipher mining, on the other hand, fell by approximately 10% and TeraWulf declined by approximately 7%.
