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As Bitcoin saw daily gains of over 10%, trading volume of nine BTC ETFs hit an all-time high.
“New Nine” recently launched spot Bitcoin exchange-traded funds (ETFs), excluding Grayscale’s GBTC, which saw a daily trading volume of $2.4 billion. This is a new peak and almost double the daily volume, according to analysis by Bloomberg's Eric Balchunas.
- BlackRock IBIT trading activity jumped to $1.3 billion, about 30% higher than its previous high.
- Meanwhile, ARK ETFs 21Shares (ARKB) and Bitwise (BITB) saw inflows of $276 million and $81 million, respectively.
It's official… the New Nine Bitcoin ETFs broke an all-time volume record today with $2.4 billion, barely surpassing the first day but roughly double their recent daily average. $IBIT went wild with $1.3 billion, beating its record by about 30%. pic.twitter.com/MiCs1rzttM
– Eric Balchunas (@EricBalchunas) February 26, 2024
- Bitcoin surpassed $57,000 on Tuesday, hitting its highest price since November 2021, breaking free from its recent period of sideways movement as the rally unexpectedly resumed. Over the past month, the leading crypto asset has gained over 35%.
- Trading volumes also increased in several of these funds this week, while companies associated with crypto assets also saw a rebound, contrasting with the cautious sentiment prevailing in the market as a whole.
- In fact, Monday marked the second-largest trading day, reaching a total volume of $3.2 billion when considering flows from Grayscale's Bitcoin ETF.
- Earlier in the trading session, IBIT crossed the $1 billion threshold, positioning itself as the 11th highest volume among all ETFs.
- Although spot Bitcoin ETFs have performed impressively, the same cannot be said for gold ETFs.
- These financial products have seen net outflows totaling $3.6 billion since January 11.
- Balchunas indicated that only a small proportion of these funds have likely flowed directly into the new spot Bitcoin ETFs, but he posits that the mere presence of these investment vehicles is likely to create competition for precious metals in general.
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