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Bitcoin rose on Friday, with BlackRock‘s spot bitcoin ETF positioned to reach the $2 billion asset mark as the firm’s newly launched product continues to dominate the new class of exchange-traded funds.
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Bitcoin rose by about 5% on Friday to above $42,000, according to CoinMarketCap.
Assuming there are no net outflows on Friday, the value of the 49,952 bitcoins held by the fund as of January 25 would be more than $2 billion, making BlackRock’s new ETF the first among completely new spot bitcoin exchange-traded funds to hit that threshold.
Grayscale’s spot bitcoin ETF has about $20 billion in assets under management, according to data published by a Bloomberg Intelligence analyst.
The total trading volume of spot Bitcoin ETFs has exceeded $22 billion since investors were able to begin buying and selling their funds in early January, according to Yahoo Finance data.
Volume Slows
The top three spot bitcoin ETFs by trading volume were those offered by Grayscale, BlackRock, and Fidelity, each of which has about $2 billion in assets under management. Products launched by Ark Invest and Bitwise each have more than $500 million in assets under management.
According to Yahoo Finance data, volume has slowed since the first day of trading, when the new products saw $2.3 billion in trading.
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