Nine BTC Spot ETFs Witness New Volume Record at $2.4 Billion

  • The trading volumes of spot BTC ETFs secured a new high of $2.4 billion on Tuesday, excluding Grayscale’s GBTC.
  • Bitcoin broke above $56,000, making a two-year high.
  • BlackRock’s spot BTC ETF (IBIT) recorded $1.29 billion in daily trading volume.

The trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETF) reached an all-time high of $2.4 billion on February 26, eclipsing the previous record set on the first trading day, January 11. However, the soaring figures exclude volume from Grayscale’s Bitcoin ETF product (GBTC). 

The spike in trading volumes coincided with Bitcoin’s meteoric rise, touching $56,660 on Monday—a two-year all-time high but still trailing the peak of $69,044 reached on November 10, 2021, according to CoinMarketCap data.

As per prominent analyst, Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT) dominated the market, recording $1.29 billion in trading volume on February 26—a staggering 30% increase, setting its own daily record. Following closely, Fidelity’s FBTC secured the second position with $576 million in trading volume.

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

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

Balchunas suggested earlier on Monday that trading volumes often surge at the beginning of the trading week. Notably, IBIT’s achievement of surpassing the $1 billion milestone highlighted its position as the 11th highest-volume ETF, an impressive feat given that BlackRock’s offering has 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).

The year-to-date inflows have now surpassed $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.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media ...
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keep...
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elec...
Read more