Trading volume for the “New 9” spot Bitcoin exchange-traded fund (ETF) set a new daily record as Bitcoin (BTC) soared to $54,938 on Monday.
Trading volume for the nine companies exceeded $2.4 billion on February 26, surpassing the previous record of $2.2 billion set on January 11, the first day of trading. according to According to data shared by Bloomberg ETF analyst Eric Balchunas.
Both days’ numbers do not include the volume of Grayscale’s convertible Bitcoin ETF product (GBTC).
On February 26, BlackRock’s IBIT recorded the most trades at $1.29 billion, breaking the firm’s single-day record by about 30%. Meanwhile, Fidelity’s FBTC came in second place with $576 million.
Flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs reached $276 million and $81 million, respectively.
It’s official… The new 9 Bitcoin ETF broke an all-time high record today at $2.4 billion. This is slightly above the first day, but about double the recent daily average. $IBIT It accounted for $1.3 billion of that, beating that record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Balciunas said he has “no idea” where the new interest is coming from, but that volume tends to be higher on the first day of the trading week.
James Seifert, ETF analyst at Bloomberg I got it. February 26th was the second-largest trading day with $3.2 billion, including flows from the Grayscale Bitcoin ETF.
Earlier in the trading day, when IBIT passed the $1 billion milestone, Balciunas noted that IBIT had the 11th-largest volume of all ETFs.
“That’s an unusual number for an entry-level ETF (especially with its 10 competitors). $1 billion per day is a big-name amount and is enough (even at large) to warrant institutional consideration.”
#bitcoin ETF volume results for Monday, February 26th (31st business day):
$IBIT $1.289 billion
$GBTC $817 million
$FBTC $576 million
$ARKB $261 millionTotal amount of The Nine: Approximately $2.35 billion!
The volume is huge, over $2 billion on Nine alone, and the price action is sending a message… https://t.co/Q4GapYrCUf pic.twitter.com/MAGhczWXp8
— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024
On the other hand, the price of Bitcoin soared to $54,938 on February 26th, its highest price in two years, but it was still below Bitcoin’s all-time high of $69,044 on November 10, 2021. It is said that it is still not close to that level. data From CoinGecko.
Related: BlackRock Bitcoin ETF reaches top 0.2% of all ETFs so far this year
Flow data for February 26th is not yet in, but over $583 million flowed into the Spot Bitcoin ETF over the last four trading week. according to Go to BitMEX Research.
Net outflows of $35.7 million were recorded on February 21st, the first day with no inflows since January 25th.
Year-to-date capital inflows now exceed $5.5 billion.
The largest inflows to IBIT, FBTC, ARKB, and BITB were $5.9 billion, $4 billion, $1.4 billion, and $1 billion, respectively, while GBTC saw an outflow of $7.4 billion.
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