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

423
Bitcoin Etf Trading Volumes Hit Record High Of $2.4 Billion, Excluding Grayscale'S Gbtc: Analysts Note Unprecedented Surge

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.

Bitcoin Etf Trading Volumes Hit Record High Of $2.4 Billion, Excluding Grayscale'S Gbtc: Analysts Note Unprecedented Surge
Written by
Zeynep Öztürk

Zeynep Öztürk, born in 1994 in Mardin, is a journalist, writer, and SEO expert. She specializes in digital media and content strategies. With experience in news writing and SEO optimization, she creates content that reaches a wide audience.

Leave a comment

Leave a Reply

Related Articles

ETH Recovery Gains Momentum: Is This the Beginning of a Massive Price Surge?

For more information about ETH recovery gains momentum, please visit CDS.

Shocking HyperLiquid Surge: How HYPE Overtook TRX in the Crypto Race?

For more information about the shocking HyperLiquid surge and current price movements,...

Tesla Weekly Rally: How New Self-Driving Rules Fueled the Boom?

For more information about Tesla weekly rally and current price movements, please...

Bold BTC Price Prediction: Ark Invest Unleashes Shocking Forecast Based on New Data

For more information about Ark Invest's bold BTC price prediction, please visit...

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.