‘New nine’ Spot Bitcoin ETF volumes reach new daily high as BTC nears $55K
BlackRock’s IBIT made up more than 50% of the daily trading volume and even smashed its own daily record by more than 30%.
Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETF) have notched a new daily record as Bitcoin (BTC) surged as high as $54,938 on Monday.
Trading volumes for the nine topped $2.4 billion on Feb. 26, beating the prior record of $2.2 billion set on the first trading day — Jan. 11, according to data shared by Bloomberg ETF analyst Eric Balchunas.
The figures on both days excluded volume from Grayscale’s converted Bitcoin ETF product (GBTC).
BlackRock’s IBIT took in the most volume on Feb. 26 with $1.29 billion — setting its own daily record by about 30% — while Fidelity’s FBTC came in second at $576 million.
Flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs tallied $276 million and $81 million respectively.
It’s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Balchunas said he wasn’t “totally sure” where the new interest came from, but noted volumes tend to be heightened on the first day of the trading week.
Fellow Bloomberg ETF analyst James Seyffart noted Feb. 26 was the second largest trading day recorded at $3.2 billion when including flows from Grayscale’s Bitcoin ETF.
Earlier in the trading day, when IBIT surpassed the $1 billion milestone, Balchunas noted that IBIT had taken in the 11th largest volume among all ETFs.
“Insane number for newbie ETF (esp one w ten competitors). $1b/day is big boy level volume, enough for (even big) institutional consideration.”
#Bitcoin ETF Volume results of Monday 26th of February (31st trading day):
$IBIT $1,289m
$GBTC $817m
$FBTC $576m
$ARKB $261mTotal Volume for The Nine: circa $2.35b!
Huge numbers for volume, with more than $2b just for the Nine, and the price action is texting on… https://t.co/Q4GapYrCUf pic.twitter.com/MAGhczWXp8
— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024
Meanwhile, Bitcoin’s price spiked as high as 54,938 on Feb. 26 — marking a two-year all-time high — though it’s still shy of Bitcoin’s all-time high of $69,044 on Nov. 10, 2021, according to data from CoinGecko.
Related: BlackRock’s Bitcoin ETF reaches top 0.2% of all ETFs so far this year
While flow data hasn’t come in for Feb. 26, over $583 million flowed into spot Bitcoin ETFs in the four-day trading week last week, according to BitMEX Research.
A net outflow of $35.7 million was recorded on Feb. 21 — which marked the first day without inflows since Jan. 25.
Year-to-date inflows have now exceeded $5.5 billion.
IBIT, FBTC, ARKB and BITB have tallied the largest inflows of $5.9 billion, $4 billion, $1.4 billion and $1 billion respectively, while GBTC has seen outflows of $7.4 billion.
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