Nine of the recently launched spot Bitcoin exchange-traded funds (ETFs) posted total trading volume of more than $2 billion for the second day in a row as demand and interest remain heated.
In a Feb. 27 X post, Bloomberg ETF analyst Eric Balciunas described the day as “another wild volume day for Nine,” citing Grayscale’s conversion to a Bitcoin trust. Apart from that, there were no ETFs. He noted that BlackRock ETFs set a new record for daily volume of $1.3 billion, which is higher than most large-cap U.S. stocks.
“We don’t know if this is the new normal or if it’s a short-term thing.” [algorithm or arbitrage]A burst of associations,” he wrote.
BlackRock’s iShares Bitcoin ETF (IBIT) had over 100,000 individual trades on February 27th, compared to an average daily number of about 30,000 to 60,000 trades. Balchunas observed.
This is also interesting $IBIT Over 100,000 private transactions took place today. I was doing 30-60k all the way until Tuesday. It’s like discovering new gear over a press day weekend.I thought maybe it was just the volume building up from long hours of practice, but today there was even more volume, so that theory holds true. pic.twitter.com/YTWp4BosIo
— Eric Balchunas (@EricBalchunas) February 27, 2024
Fidelity Wise Origin Bitcoin Fund (FBTC) had a daily trading volume of $578 million, while the ARK 21Shares Bitcoin ETF (ARKB) was ranked 3rd in terms of trading volume with $204 million. It was the highest ranked ETF.
This is the second consecutive day since its inception on January 11th that daily trading volume for nine new ETFs has exceeded $2 billion.
Trading volume for the nine funds exceeded $2.4 billion on February 26, surpassing the previous record of $2.2 billion set on the first day of trading.
The figures for both days do not include the trading volume of Grayscale Bitcoin Trust (GBTC), which according to preliminary reports had a trading volume of $22.4 million on February 26th and $125.6 million on February 27th. It leaked out. data From Farside Investors.
Related: Gold ETFs set to lose $2.4 billion by 2024 as Bitcoin ETFs hit record volumes
On February 28, ETF Store President Nate Geraci posted a graph showing Grayscale’s declining share of ETF trading volume compared to other ETFs.
Let’s take a closer look at the cumulative flows of GBTC and non-GBTC Spot Bitcoin ETFs…
It also shows that GBTC’s share of $$$ trading volume is eroding.
via @Todd_Sohn pic.twitter.com/cCKiTEMvQ2
— Nate Geraci (@NateGeraci) February 27, 2024
According to Pharcyde’s preliminary flow data, total net inflows for the ETF on February 27 were $574 million, up from $520 million the previous day, despite higher outflows from Grayscale. Ta.
BlackRock’s IBIT saw net inflows of $520 million, while Fidelity’s FBTC saw $126 million in inflows. In third place was the Bitwise fund, with $18.3 million in inflows.
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