8 months ago
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The Spot Bitcoin ETFs are having a record week, with these funds setting new all-time highs in trading volume. Specifically, on February 28, these BTC ETFs saw a 100% jump in trading volume from the record of $2.4 billion traded on February 26.
The ‘Nine’ Record $6 Billion In Trading Volume
Bloomberg analyst Eric Balchunas revealed in an X (formerly Twitter) post that the newly listed Spot Bitcoin ETFs (excluding Grayscale’s GBTC) doubled their volume record set on February 26, with just about $6 billion traded on February 28. BlackRock’s iShares Bitcoin ETF (IBIT) and Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) led the way with $3.3 billion and $1.4 billion, respectively.
Balchunas added that the total number of trades also doubled, with IBIT and FBTC recording over half a million individual trades between them. Meanwhile, including GBTC in the mix paints a more impressive picture as the ten Spot Bitcoin ETFs “destroyed” their previous record of $4.66 billion (from launch day), with $7.69 billion recorded on February 28.
The buzz around BTC also extended to the BTC futures ETFs like the ProShares Bitcoin Strategy (BITO), which recorded over $2 billion in trading volume on the day. Balchunas noted that adding the Bitcoin futures ETFs means they all combined to record over $10 billion being traded on the day.
Bitcoin ETF Inflows Record Also Broken
Meanwhile, the trading volume wasn’t the only record that was destroyed on February 28. Bloomberg analyst James Seyffart revealed a new record for daily inflows was set. The ten Spot Bitcoin ETFs are said to have taken in $673 million, beating the launch day record of $655 million. Interestingly, IBIT recorded $612 million alone, contributing enormously to this new record.
The world’s largest asset manager, BlackRock, is said to now have over $9 billion in assets under management (AuM) for their BTC ETF. BlackRock’s IBIT, Grayscale’s GBTC, Fidelity’s FBTC, and Ark Invest’s ARKB are the four Spot Bitcoin ETFs with over $2 billion in AuM.
The demand for these Bitcoin ETFs is expected to keep increasing. Balchunas stated in an X post that wirehouse platforms are “seriously looking” at adding these investment funds to their offerings soon. The analyst noted that pressure was mounting on these platforms and that with grassroots demand on the high side, they would cave in sooner rather than later.
Thanks in part to the demand for these funds, BTC is flying high at the moment. At the time of writing, BTC is trading at around $62,900, up over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Yahoo Finance, chart from Tradingview.com
