New Bitcoin ETFs Win $10B in Record Trading Volume Day
March 5th wasn't the only day Bitcoin hit a new high against the USD; The new position is the day on which the ETFs had their highest trading volume.
The new ten bitcoin ETFs traded $10 billion on Tuesday, breaking the previous record set on Feb. 28, Bloomberg ETF analyst Eric Balchunas reported.
Volatility and volume go hand-in-hand with ETFs, so it's “not entirely surprising,” he said, adding that “these are banana numbers” for funds that are less than two months old.
MILESTONE: Ten Bitcoin ETFs made $10B in volume today, breaking the previous record set last Wednesday. That means these are banana numbers for ETfs less than 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days. pic.twitter.com/rIdbhoYifV
— Eric Balchunas (@EricBalchunas) March 5, 2024
Record amounts for EFAs
BlackRock's IBIT, Fidelity's FBTC, Bitwise's BITB and the Ark 21Shares ARKB fund all had days of record trading volume.
Not included in the new nine, the ProShares Short Bitcoin Strategy ETF (BITI) also had a record trading day, which is “not surprising considering it's a short Bitcoin ETF,” Balchunas commented.
The ProShares Bitcoin Strategy ETF (BITO) also broke the record, as did the Volatility Shares 2x leveraged Bitcoin Strategy ETF (BITX) fund. The analyst commented on the impact of the spot markets and Bitcoin's new high on the primary markets:
“The positive effect on futures ETFs is the crazy, big doom effect of the attractive position…he didn't think about that.”
It also pointed out that the ten positions blew through Bitcoin ETFs $ 50 billion in assets under management. They started life seven weeks ago with less than $30 billion, with about $8 billion coming from inflows, and the rest, he said, as the value of Bitcoin continues to rise.
“If you keep going at this pace and add $10ba a month (this is insane but very possible if you meet the price of BTC) you will surpass gold ETFs this summer.”
The top ten bitcoin ETFs have over $50 billion in assets. It started life 7 weeks ago at $30b. About $8 billion is from outflows, the rest from rising bitcoin prices. pic.twitter.com/CZCl4mdd7Y
— Eric Balchunas (@EricBalchunas) March 5, 2024
Additionally, March 4 was one of the top inbound days for BlackRock and Fidelity, with more than $400 million each.
Preliminary data from Farside Investors indicates that yesterday was another big inflow for Greyscale, with $332 million exiting the GBTC fund.
The leak follows the BTC crash
Following a new all-time high Tuesday, Bitcoin Flash fell 12 percent. The property has been slightly restored and was trading for around $66,000 at the time of this writing.
According to Coinglass, more than 312,00 traders, mostly longs, were liquidated in the last 24 hours, and total liquidity was $1.15 billion.
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