Coin Edition -
- 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 (TSX:EBIT) 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.
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