Bitcoin staged a sharp rebound on Tuesday, climbing roughly 6% over the past 24 hours after a steep sell-off earlier in the week. The recovery helped ignite heavy activity across crypto-linked exchange-traded funds (ETFs), with BlackRock’s iShares Bitcoin Trust (IBIT) emerging as one of the most traded ETFs in the United States.
IBIT Outpaces Major ETFs as Trading Activity Accelerates
IBIT recorded $3.7 billion in trading volume, surpassing Vanguard’s flagship S&P 500 ETF (VOO), which saw $3.28 billion, according to data from Barchart. This places IBIT in the top tier of the nation’s most liquid ETFs—a striking development for a crypto-focused fund launched less than two years ago.
The surge in interest closely followed bitcoin’s price recovery and came just one day after Vanguard announced it would begin permitting bitcoin ETFs and crypto mutual funds on its brokerage platform, reversing years of resistance to digital assets.
IBIT has quickly become BlackRock’s most successful ETF, now holding $66.3 billion in assets, making it the firm’s top revenue generator across more than 1,400 ETFs.
Altcoins Follow Bitcoin Higher
The broader crypto market rallied alongside bitcoin. Ether, XRP and Dogecoin each gained around 7%, while Cardano’s ADA jumped 14%. Chainlink’s LINK surged 11% after Grayscale launched a new ETF tied to the token on NYSE Arca.
Crypto-Linked Stocks Rally — Except for Miners
Bitcoin’s rebound provided a boost for several crypto-related equities:
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Strategy (MSTR) rose 6% as investors responded to the recovery in the company’s large bitcoin holdings.
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Robinhood (HOOD) added 2%.
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Bullish (BLSH) gained 5%.
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Circle (CRLC) rose 4%, supported by renewed stablecoin momentum.
However, Coinbase (COIN) moved lower, losing 5% after shareholders filed a lawsuit alleging executives offloaded billions in stock while misleading investors following the firm’s 2021 public debut.
Bitcoin Miners Struggle Despite Market Upswing
Even with crypto prices moving higher, bitcoin mining stocks saw widespread declines. The sector’s ongoing revenue pressure, heightened by weak transaction fees and elevated operational costs, remained a drag on performance.
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Iren (IREN) fell 15%.
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Cipher Mining (CIFR) dropped 10%.
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TeraWulf (WULF) slid 7%.
The divergence highlights a growing gap between the performance of bitcoin itself and the companies dependent on mining economics—a trend that has intensified following the most recent halving.
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