Trading volumes for the recently launched “new nine” spot Bitcoin (BTC) exchange-traded funds (ETFs) have reached a new daily high, exceeding $2.4 billion on Feb. 26. This surge in volume coincided with BTC’s price reaching as high as $54,938 on the same day.
The $2.4 billion trading volume on Feb. 26 surpassed the previous record of $2.2 billion set on the first trading day, Jan. 11, excluding volume from Grayscale’s Bitcoin ETF product, the Grayscale Bitcoin Trust (GBTC).
BlackRock’s IBIT led in volume on Feb. 26, hitting $1.29 billion, marking its own daily record with a 30% increase. Fidelity’s FBTC followed with $576 million in trading volume, while ARK 21Shares (ARKB) and Bitwise (BITB) ETFs saw flows of $276 million and $81 million, respectively.
Bloomberg ETF analyst Eric Balchunas noted that trading volumes tend to be elevated on the first day of the trading week. Fellow analyst James Seyffart highlighted that Feb. 26 was the second-largest trading day, reaching $3.2 billion when including flows from Grayscale’s Bitcoin ETF.
Balchunas also pointed out that IBIT ranked 11th in volume among all ETFs earlier in the trading day when it surpassed $1 billion.
Bitcoin’s price spiked to $54,938 on Feb. 26, marking a two-year high but still below the all-time high of $69,044 recorded on Nov. 10, 2021.
Data on flows for Feb. 26 is pending, but over $583 million flowed into spot Bitcoin ETFs during the previous four-day trading week, according to BitMEX Research.
Notably, year-to-date inflows for spot Bitcoin ETFs have exceeded $5.5 billion, with significant contributions from IBIT, FBTC, ARKB, and BITB, while GBTC experienced outflows of $7.4 billion.
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