IBIT Among Most-Traded ETFs as Bitcoin (BTC) Surges; Mining Stocks Sink

Bitcoin rebounded approximately 6% on Tuesday, driving heavy trading activity in crypto-related ETFs, notably BlackRock’s iShares Bitcoin Trust (IBIT), which saw $3.7 billion in volume, surpassing Vanguard's S&P 500 ETF (VOO). This surge followed Vanguard's announcement that it would begin allowing clients to trade bitcoin ETFs and crypto mutual funds. IBIT has rapidly become a cornerstone for BlackRock, holding $66.3 billion in net assets and becoming the firm's top revenue-generating ETF. While most cryptocurrencies like Ether and ADA gained, the positive sentiment did not extend to all crypto-related stocks; Coinbase (COIN) shares fell 5% following a shareholder lawsuit, and most bitcoin mining stocks, including IREN and CIFR, posted steep losses, dropping 15% and 10% respectively.

(Source：CoinDesk)