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CDS Crypto News Bitcoin ETF Trading Volumes Hit Record High of $2.4 Billion, Excluding Grayscale’s GBTC: Analysts Note Unprecedented Surge

Crypto News

Bitcoin ETF Trading Volumes Hit Record High of $2.4 Billion, Excluding Grayscale’s GBTC: Analysts Note Unprecedented Surge

Zeynep Öztürk27/02/20241 Mins read212

Bitcoin ETF Trading Volumes Hit Record High of $2.4 Billion, Excluding Grayscale’s GBTC: Analysts Note Unprecedented Surge

Crypto News – Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETFs) surged to a record high of $2.4 billion on February 26, surpassing the previous peak set on January 11. Notably, these impressive figures exclude the volume from Grayscale’s Bitcoin ETF product (GBTC).

This surge in trading volumes coincided with Bitcoin’s remarkable ascent, reaching $56,660 on Monday, marking a two-year high but still trailing behind the peak of $69,044 recorded on November 10, 2021, as per data from CoinMarketCap.

Renowned analyst Eric Balchunas highlighted BlackRock’s iShares Bitcoin Trust (IBIT) as the dominant player, witnessing a staggering 30% increase in trading volume to $1.29 billion on February 26, setting its own daily record. Following closely behind, Fidelity’s FBTC secured the second position with $576 million in trading volume.

Significant inflows were also reported from ARK 21Shares (ARKB) and Bitwise (BITB) ETFs, amassing $276 million and $81 million, respectively.

Bloomberg ETF analyst James Seyffart, alongside Balchunas, observed this unprecedented surge in volume, with Seyffart noting that February 26 marked the second-largest trading day at $3.2 billion when factoring in Grayscale’s Bitcoin ETF flows.

Balchunas suggested earlier in the day that trading volumes tend to surge at the beginning of the trading week. Notably, IBIT’s achievement in surpassing the $1 billion milestone underscored its position as the 11th highest-volume ETF, an impressive feat considering BlackRock’s offering faces competition from ten other competitors. BitMEX data indicates that over $583 million flowed into spot Bitcoin ETFs during the previous four-day trading week (Feb 20 to 23).

Year-to-date inflows have now exceeded $5.5 billion, with IBIT, FBTC, ARKB, and BITB leading the pack with $5.9 billion, $4 billion, $1.4 billion, and $1 billion in inflows, respectively. In contrast, GBTC experienced outflows of $7.4 billion.