Written by Jesse Coghlanstaff editorReviewed by Felix Ngstaff editorSpot Bitcoin ETF volumes shatter record with massive $7.7B traded
Latest NewsPublishedFeb 29, 2024
Trading volumes for the ten new U.S. Bitcoin ETFs have set a new record, more than doubling their previous high from days ago.
United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have set a new record for daily trading volumes — beating the previous tally by over one and a half times.
The ten ETFs saw $7.69 billion in volume on Feb. 28, per data posted to X by Bloomberg ETF analyst James Seyffart.
The previous record was $4.66 billion in volume seen on the fund’s Jan. 11 launch day.
BlackRock’s iShares Bitcoin ETF (IBIT) took up 43.5% of the total — seeing $3.35 billion in trading volume and doubling its previous daily record.
It’s also roughly the trading volume all ten ETFs saw the day prior on Feb. 27.
The new record for #Bitcoin ETF trading volume is officially $7.69 billion. Previous record was $4.66 billion from launch day. https://t.co/rZsOSUqk35 pic.twitter.com/QaOKe2LuVU— James Seyffart (@JSeyff) February 28, 2024
The Grayscale Bitcoin Trust (GBTC) — the runner-up for the day — had $1.86 billion in trading volume.
The Fidelity Wise Origin Bitcoin Fund (FBTC) came third with $1.44 billion — doubling its volume record.
The combined volumes of GBTC and FBTC comprise about 43% of the total volume.
It took only half the trading day for the nine new ETFs — bar Grayscale’s — to blow past their previous record, Bloomberg analyst Eric Balchunas wrote in a Feb. 28 X post.
They went on to double that volume record with around $5.8 billion in volume by the close of trading, Balchunas wrote in a later post.
“The total number of trades was double too, over half a million individual trades [between] them,” he added.
Related: Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone
Balchunas added market makers told him the volume is largely “natural demand” versus algorithmic or arbitrage trading volume as he’d previously speculated.
The record-setting volume day comes as Bitcoin rallied over 10% to an over two-year high of $64,000.
It’s retraced to as low as $60,000 but slightly recovered to trade above $62,000 at the time of publication, according to Cointelegraph Markets Pro.
Meanwhile, GBTC saw $216.4 million in net outflows on Feb. 28, according to preliminary Farside Investors data.
It’s the fund’s highest outflow day since its $220.7 million on Jan. 30 and a record so far for February.
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