Amid the turmoil in the stock market, BlackRock’s Spot Bitcoin ETF has seen its trading volume surpass $1.55 billion in the first hour of trading Monday. Indeed, the $10 trillion asset manager’s iShares Bitcoin Trust (IBIT) has not been spared from the ongoing activity the market has seen today.
Concerns of an incoming US recession has driven panic throughout global markets. Crypto products have suffered immensely. A CoinShares report shows that cryptocurrency investors saw outflows surpassing $5.28 million on Monday. They noted that it is likely a reaction to geopolitical worries.
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BlackRock Bitcoin ETF Volume Surges Amid Market Turmoil
With interest rates at a 23-year high, unfavorable economic data has triggered crisis in the stock market. The worries of an economic slowdown for the US has led to plummeting prices, and as many as five trading platforms going down entirely. Those concerns have spread throughout the cryptocurrency market.
BlackRock’s leading Spot Bitcoin ETF has seen its trading volume surpass $1.55 billion in the first hour alone. Last week, more than $250 million had left both Bitcoin and Ethereum ETFs prior to the market downturn. BlackRock’s product still holds more than $21 billion in net assets.
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The response has seen a host of crypto’s struggle Monday. Ethereum has currently fallen more than 16% in the last 24 hours, according to CoinMarketCap. Indeed, ETH fell as low as $2,100 which was its lowest price point since December of last year.
Alternatively, the leading crypto has not been any better. Bitcoin fell to a six-month low due to Monday’s circumstances. Currently, BTC is down more than 9% in the last day. It currently sits at $54,086 after nearing the $70,000 level just one week ago.