‘New Nine’ Spot Bitcoin ETF Volumes Reach New Daily Highs As BTC Approaches $55K
Bitcoin Exchange Traded Fund (ETF) set a new daily record for the “New Nine”.
According to data shared by Bloomberg ETAT analyst Eric Balchunas, the nine trading volumes added $2.4 billion on February 26, beating the $2.2 billion record set on the first trading day – January 11.
The figures on both days do not include the volume of the Bitcoin ETF product (GBTC) converted from Greyscale.
BlackRock's IBIT took the top volume on February 26 at $1.29 billion – setting its own daily record by nearly 30% – with Fidelity's FBTC coming in second at $576 million.
Gains from the ARK 21Shares ( ARKB ) and Bitwise ( BITB ) ETFs were $276 million and $81 million, respectively.
It's official… the nine new bitcoin ETFs broke all-time volume records today at $2.4 billion, barely beating day one but nearly double their latest daily average. $IBIT added $1.3 billion of it, breaking the record by nearly 30 percent. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Balchunas said he wasn't “absolutely sure” where the new demand is coming from, but observed volumes tend to increase on the first day of the trading week.
Fellow Bloomberg ETF analyst James Seifert said Feb. 26 was the second-biggest trading day on record, with $3.2 billion including exits from the grayscale Bitcoin ETF.
Earlier in the trading day, when IBIT topped $1 billion, Balchunas announced that IBIT took the 11th largest volume among all ETFs.
“Crazy number for a newbie ETF (esp one w ten competitors). $1b/day is a big boy's amount, enough for institutional speculation (even big).
#Bitcoin ETF Volume Results for Monday February 26th (31st Trading Day):
$IBIT $1,289M $GBTC $817M $FBTC $576M $ARKB $261M
Total volume for the nine: around $2.35b!
Big numbers for Sound, with over $2b for nine, and the price action at… pic.twitter.com/MAGhczWXp8
— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024
Meanwhile, Bitcoin's price peaked at $54,938 on February 26 — a two-year all-time high, but still shy of Bitcoin's all-time high of $69,044 on November 10, 2021, according to data from CoinGecko.
RELATED: BlackRock's Bitcoin ETF Has Gained 0.2% of Total ETFs This Year
While flow data isn't available for Feb. 26, more than $583 million flowed into spot Bitcoin ETFs in a four-day trading week last week, according to BitMEX Research.
A net outflow of $35.7 million was recorded on February 21 – marking the first day without an outflow since January 25.
Year-to-date revenue now exceeds $5.5 billion.
IBIT, FBTC, ARKB, and BITB recorded inflows of $5.9 billion, $4 billion, $1.4 billion, and $1 billion, respectively, while GBTC saw $7.4 billion in withdrawals.
Magazine: Wolf of All Streets Worries About Bitcoin Hitting $1M World: Flame Hall
