BlackRock’s IBIT dominated more than half of the daily trading volume and even surpassed its own daily record by over 30%.
Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETFs) reached a new daily high as Bitcoin surged to as high as $54,938 on Monday.
According to data shared by Bloomberg ETF analyst Eric Balchunas, the trading volumes for these nine ETFs exceeded $2.4 billion on Feb. 26, surpassing the previous record of $2.2 billion set on Jan. 11. It’s worth noting that these figures excluded volume from Grayscale’s converted Bitcoin ETF product (GBTC).
On Feb. 26, BlackRock’s IBIT led the way with a trading volume of $1.29 billion, marking its own daily record with a significant increase of about 30%. Fidelity’s FBTC followed with $576 million in trading volume.
Additionally, flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs amounted to $276 million and $81 million, respectively.
While the source of the newfound interest in Bitcoin ETFs remains unclear, Bloomberg ETF analyst James Seyffart noted that Feb. 26 recorded the second-largest trading day, totaling $3.2 billion when factoring in flows from Grayscale’s Bitcoin ETF.
Bitcoin’s price surge on Feb. 26 to $54,938, marking a two-year all-time high, coincided with the heightened trading activity in Bitcoin ETFs. However, flow data for Feb. 26 has not yet been released. Nonetheless, over $583 million flowed into spot Bitcoin ETFs during the four-day trading week preceding Feb. 26, as reported by BitMEX Research.
