Bitcoin Rally Sends IBIT to Most-Traded ETF List, Mining Stocks Falter

Bitcoin Rally Drives IBIT Ahead of Major ETFs While Mining Stocks Struggle

Bitcoin bounced back on Tuesday, rising about 6% in 24 hours after an early-week sell-off, fueling heavy trading in crypto-related ETFs, particularly BlackRock’s iShares Bitcoin Trust (IBIT). The fund emerged as one of the most-traded ETFs in the U.S., outpacing Vanguard’s S&P 500 ETF (VOO).

IBIT saw roughly $3.7 billion in trading volume on Tuesday, surpassing VOO’s $3.28 billion, according to Barchart. The surge underscores the growing investor appetite for bitcoin exposure and places IBIT among the market’s most liquid and widely held ETFs.

The volume spike followed bitcoin’s recovery and came a day after Vanguard—historically cautious on crypto—announced it would allow bitcoin ETFs and crypto mutual funds on its platform.

Launched less than two years ago, BlackRock’s bitcoin ETFs have quickly become a key part of the firm’s offerings. IBIT now manages $66.3 billion in net assets, making it BlackRock’s top revenue-generating ETF out of more than 1,400 funds under $13.4 trillion in total assets.

Other cryptocurrencies also gained on Tuesday. Ether (ETH), XRP, and Dogecoin (DOGE) all rose around 7%, while Cardano (ADA) led with a 14% jump. Chainlink (LINK) climbed 11% following the debut of a Grayscale ETF tied to LINK on NYSE Arca.

The bitcoin rebound supported gains in crypto-related stocks. MicroStrategy (MSTR), which holds over 174,000 BTC, rose 6%, Robinhood (HOOD) gained 2%, Bullish (BLSH) added 5%, and Circle (CRLC) increased 4%.

However, Coinbase (COIN) fell 5% after shareholders filed a lawsuit alleging company executives sold billions of dollars in stock while misleading investors following the 2021 public listing.

Bitcoin mining stocks lagged behind the broader market. Iren (IREN) led losses with a 15% drop, followed by Cipher Mining (CIFR) down 10%, and TeraWulf (WULF) falling 7%, despite bitcoin’s broader rebound.