BlackRock's (NYSE: BLK) iShares Bitcoin ETF (NASDAQ: IBIT) Hints at Renewed Institutional and Retail Interest in Bitcoin (BTC) Over Gold Investments from Traditional Finance Players

BlackRock (NYSE: BLK)’s iShares Bitcoin ETF (NASDAQ: IBIT) had over $10 billion in trading volume in November’s first week.

BlackRock (NYSE: BLK) ETF (NASDAQ: IBIT) on Bitcoin (BTC) had over $10 billion in trading volume in the first week of November. This amount suggests that institutional and retail traders prefer Bitcoin over gold investments from traditional finance.

On November 9, Finbold retrieved this last week’s market data from Nasdaq, focusing on the trading volume of iShares ETF.

Overall, from Monday to Friday, IBIT registered a 245.70 million volume at an average close price of $41.69. This results in an approximate volume of $10.74 billion in BlackRock ETF shares changing hands this week.

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On the other hand, the iShares Gold ETF (NASDAQ: IAU) had a volume of $2.46 billion from 48.58 million shares from Monday to Friday. According to this data, traditional finance investors showed 4.35 times more capital interest in trading IBIT than IAU.

BlackRock iShares Bitcoin ETF IBIT flow this week

While high trading activities, measured by volume, can be either bullish or bearish, this week’s activity suggests a bull market. This is because BlackRock’s iShares Bitcoin ETF IBIT saw a massive inflow during the volume’s surge, indicating increased demand.

Notably, BlackRock acquired and added 16,241 BTC to its fund this week, valued at $1.24 billion, based on data we retrieved from CoinGlass – addressing Bitcoin ETF flows from November 4 to 8.

Interestingly, it also means that IBIT traders exchanged 8.66 times more shares of the Bitcoin derivative than what BlackRock purchased in the underlying asset (spot BTC).

IBIT price analysis

On Friday, IBIT closed at 43.73 with a 44.18 million daily volume in shares, translating to nearly $2 billion traded. BlackRock’s iShares Bitcoin Trust ETF started trading at $39.36 on Monday, ConsolidateTime.

Similarly, Bitcoin started trading at $68,748 on Monday and ended up trading at $76,558 on Friday for 11.36% gains after breaking out of its all-time high of $73,800 on Wednesday, November 6.

As things develop, the recent price action has sparked renewed interest from investors in Bitcoin and its derivative products, such as BlackRock’s IBIT. With the increased demand, BTC could be starting a new bull rally that will unfold in the coming weeks.

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