BlackRock Bitcoin ETF Volume Surpasses Gold ETF in Market Milestone
BlackRock's IBIT Bitcoin ETF recorded $1.56 billion in trading volume, significantly outpacing the $907.64 million traded by the long-standing GLD gold ETF in a single session.
Bitcoin has notched a significant milestone as trading volume for BlackRock's IBIT ETF surged past that of the gold-focused GLD ETF. During the session, IBIT saw $1,560,000,000 in volume, while GLD recorded $907,640,000. This result meant IBIT generated 72% more volume than its gold counterpart.
The performance placed IBIT in 5th position among all US-listed ETFs, trailing only SPY, QQQ, SOXL, and IWM. Meanwhile, GLD, which has been active since 2004, slipped to 9th place. The price action reflected this divergence, with Bitcoin gaining 5.9% to move past $80,000, while gold saw a more modest move of 0.15%.
Bloomberg's Eric Balchunas described the top 10 list as a perfect snapshot of the current year. The rankings highlight the ongoing interest in the debasement trade, a category where Bitcoin and gold typically reside and move in tandem. However, this session marked a clear shift in volume preference.
The momentum follows a recommendation from BlackRock in August, when the firm advised clients to hold some Bitcoin. Regulatory developments have also shaped the environment, with the SEC and CFTC implementing new rules following the failure of the CLARITY Act.
JPMorgan has noted that Bitcoin could potentially outperform gold if hedging activity within ETFs begins to ease. While GLD has historically maintained a higher volume ranking due to its two-decade head start, the recent session demonstrated that IBIT is capable of surpassing it in daily activity.
It remains to be seen if this volume shift represents a sustained trend or a temporary deviation in market behavior. Future sessions will determine whether Bitcoin can consistently maintain this lead over gold in institutional trading volume.
