BlackRock (NYSE:BLK)’s iShares Bitcoin Trust (IBIT) has experienced a noteworthy start, recording $2 million worth of shares traded during premarket hours, as reported by Eric Balchunas, Senior ETF Analyst at Bloomberg. The timing of this substantial volume, particularly during the premarket hours at 6:00 a.m., adds to the significance of this development.

The U.S. Securities and Exchange Commission (SEC) recently declared the registration statement for BlackRock’s spot Bitcoin ETF effective, along with the approval of 10 other applications. IBIT, designed to track the price of Bitcoin, is scheduled to commence trading on the Nasdaq, marking a significant milestone in the cryptocurrency investment landscape.

The early trading volume, coupled with a 23.21% surge in IBIT’s value, reaching $27.02 on the Nasdaq during premarket trading, indicates a strong and bullish start for the ETF on its debut day. While analysts remain cautious and speculate about BlackRock’s potential strategy, there is a palpable anticipation in the market for IBIT’s performance as U.S. stock markets open.

There are rumors suggesting that BlackRock may have already secured a substantial $2 billion in capital from Bitcoin holders keen on participating in the spot Bitcoin ETF in its first week post-launch. If accurate, this rumored inflow would set a new record for first-day and first-week inflows for ETFs. The market awaits further developments as IBIT officially enters the trading landscape.