Coin Edition -
- Spot Bitcoin exchange-traded funds witnessed trading volume surpassing $10 billion.
- Bitcoin reached its previous all-time high of $69,000, only to crash 7% after.
- Funds like IBIT, FBTC, BITB, and ARKB all broke their personal records.
US-listed spot Bitcoin exchange-traded funds (ETFs) experienced their most active day on Tuesday as BTC’s quest towards its all-time high took a sharp detour. The leading digital currency saw its price crash by 7% in the past 24 hours, as per data from CoinGecko, after surpassing the $69,000 milestone.
Notably, as pointed out by ETF analyst Eric Balchunas at Bloomberg Intelligence, the recently-approved ten ETFs collectively surged past $10 billion in trading volume during the session, surpassing the previous week’s record.
Funds including BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB, and ARKB—co-managed by Ark Invest and 21Shares—all broke their personal volume records.
On the other hand, Grayscale’s GBTC continues to witness significant outflows, as shared by Balchunas.
$GBTC has seen almost $10b in outflows yet has the same amount of assets it did on launch day. Seems like magic, but it’s the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have left but who cares, revenue is still real).
Interestingly, BlackRock’s IBIT emerged as the fourth most traded among all ETFs, boasting a staggering $3.8 billion in volume, according to data from Barchart. IBIT also hit an asset under management (AUM) of $10.03 billion last week, overtaking the iShares Silver Trust (NYSE:SLV), the world’s largest silver trust.
“These are bananas numbers for ETFs under 2 months old,” highlighted Balchunas while noting that the ProShares Short Bitcoin Strategy ETF (BITI) “blew away its record by more than most.” The Bloomberg analyst noted that BITI’s surge wasn’t a “surprise” considering “it is a short Bitcoin ETF (TSX:EBIT).”
Earlier in February, the spot BTC ETFs broke their previous record of $4.69 billion by one and a half times, witnessing $7.69 billion being traded on February 28. However, the record was broken on Tuesday.
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