- Bitcoin rebounded sharply on Tuesday, rising about 6% after earlier losses.
- BlackRock’s iShares Bitcoin Trust (IBIT) saw record trading volume, surpassing a major S&P 500 ETF.
- Multiple cryptocurrencies, including ether and Cardano’s ADA, gained significantly.
- Shares of crypto-related companies mostly rose, except for Coinbase, which dropped amid a lawsuit.
- Bitcoin mining stocks generally fell despite the broader market recovery.
On Tuesday, Bitcoin bounced back by approximately 6% following a sharp sell-off earlier in the week. This recovery spurred intense trading activity in crypto-focused exchange-traded funds (ETFs), with BlackRock’s iShares Bitcoin Trust (IBIT) becoming one of the most heavily traded ETFs in the U.S.
IBIT recorded nearly $3.7 billion in trading volume on Tuesday, surpassing the Vanguard S&P 500 ETF (VOO), which posted $3.28 billion, according to data from Barchart. This places BlackRock’s bitcoin ETF among the market’s most liquid products. The volume spike coincided with Vanguard’s recent decision to allow bitcoin ETFs and crypto mutual funds to trade on its brokerage platform, after previously resisting crypto exposure.
Launched less than two years ago, BlackRock’s bitcoin funds have quickly gained prominence. IBIT now holds $66.3 billion in net assets and is the firm’s top revenue-generating ETF. This standing is notable as BlackRock manages more than 1,400 ETFs and oversees $13.4 trillion in total assets.
Other cryptocurrencies also climbed on Tuesday. Ether rose to around $3,000, while XRP and Dogecoin gained roughly 7% over 24 hours. Cardano’s ADA led with a 14% increase. ChainLink’s token, LINK, surged 11% after Grayscale launched an ETF linked to the token on NYSE Arca.
The rebound in bitcoin impacted crypto-related stocks positively. Shares of MicroStrategy (MSTR), which holds over 174,000 BTC, climbed 6%. Robinhood (HOOD) increased 2%, while Bullish (BLSH), parent company of CoinDesk, rose 5%. Circle (CRLC), issuer of the USDC stablecoin, gained 4%.
In contrast, Coinbase (COIN) shares dropped 5% after a shareholder lawsuit alleged executives engaged in a multi-year insider trading scheme tied to stock sales following the company’s 2021 public listing, as reported by Decrypt.
Bitcoin mining stocks performed poorly despite the crypto rally. Iren (IREN) fell 15%, Cipher Mining (CIFR) dropped 10%, and TeraWulf (WULF) declined 7%.
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