BlackRock's Bitcoin ETF Attracts Significant Pre-Market Activity; Predicted to Draw $3B on Debut Trading Day

By: Isha Das

The pre-market trading landscape paints a promising picture for BlackRock's Bitcoin ETF, referred to as IBIT. Its volume surged to 41,000 during early trading on WeBull, indicating robust investor activity. Notably, with 400k shares outstanding, BlackRock has managed to reach nearly 10% in volume before market opening. The order book showed a predominance of bids over asks, suggesting more buying than selling activity.

Bitcoin mining stocks show a similar upward trend pre-market, underlining a heightened demand. Stocks such as TeraWulf, IREN and Marathon Digital Holdings recorded increases, further indicating a broader trend of growing investor confidence in the digital currency sector.

Furthermore, ETF analyst Eric Balchunas highlighted significant trading activity around IBIT, with $2 million worth of shares already exchanged. According to Balchunas, BlackRock's strategic plans appear to be driving the surge in trading volume. The organization is seemingly integrating the 'Build Your Own Allocation' (BYOA) funds they prepared beforehand.

CF Benchmarks also reported that the fund drew around $400 million of inflows within the first 30 minutes of its trading debut, with expectations to attract a record $3 billion on debut trading day.