BlackRock’s iShares Bitcoin Trust (IBIT) now processes between $16 billion and $18 billion in daily trading volume, positioning the regulated fund as a direct competitor to the world’s largest crypto exchanges. The data, reported by analytics firm Kaiko, signals that institutional-grade products are pulling liquidity away from crypto-native platforms at a pace few anticipated. A Regulated Giant Takes on Crypto Exchanges IBIT’s daily turnover now more than doubles the $6 billion to $8 billion that Coinbase processes on its spot market. The figure also approaches Binance’s spot trading activity, long considered the benchmark for global crypto liquidity