Bitcoin Rally Drives IBIT Past Major ETFs While Miners Lag
Bitcoin rebounded 6% on Tuesday following an early-week sell-off, sparking heavy trading in crypto-focused ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) emerged as one of the most-traded ETFs in the U.S., surpassing Vanguard’s S&P 500 ETF (VOO).
IBIT logged roughly $3.7 billion in trading volume, outpacing VOO’s $3.28 billion, according to Barchart, highlighting strong investor demand for bitcoin exposure. The surge coincided with Vanguard’s announcement that it would allow bitcoin ETFs and crypto mutual funds on its platform.
Despite launching less than two years ago, BlackRock’s bitcoin ETFs have become key products for the firm. IBIT now manages $66.3 billion in assets, making it BlackRock’s top revenue-generating ETF among more than 1,400 funds under $13.4 trillion in total assets.
Other cryptocurrencies also gained on Tuesday. Ether (ETH), XRP, and Dogecoin (DOGE) rose around 7%, while Cardano (ADA) led with a 14% jump. Chainlink (LINK) climbed 11% after the launch of a Grayscale ETF tied to LINK on NYSE Arca.
The bitcoin rebound supported gains in crypto-related stocks. MicroStrategy (MSTR), holding over 174,000 BTC, rose 6%, Robinhood (HOOD) gained 2%, Bullish (BLSH) climbed 5%, and Circle (CRLC) added 4%.
Not all crypto stocks benefited. Coinbase (COIN) fell 5% after shareholders filed a lawsuit alleging executives sold billions in stock while misleading investors after the 2021 IPO.
Bitcoin mining stocks lagged behind. Iren (IREN) dropped 15%, Cipher Mining (CIFR) fell 10%, and TeraWulf (WULF) declined 7%, despite the broader crypto market rally.
