BlackRock’s IBIT made up more than 50% of the daily trading volume and even smashed its daily record by more than 30%.
Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETFs) reached a new daily record on Monday, propelled by Bitcoin’s surge to $54,938. On February 26, the trading volumes for these nine ETFs surpassed $2.4 billion, exceeding the previous record of $2.2 billion set on January 11. These figures, reported by Bloomberg ETF analyst Eric Balchunas, exclude volume from Grayscale’s converted Bitcoin ETF product (GBTC).
Among the ETFs, BlackRock’s IBIT led the pack on February 26, attracting $1.29 billion in volume, marking its own daily record with a 30% increase. Fidelity’s FBTC followed closely behind with $576 million in volume. The ARK 21Shares (ARKB) and Bitwise (BITB) ETFs recorded flows of $276 million and $81 million, respectively.
It’s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Balchunas said he wasn’t “totally sure” where the new interest came from, but noted volumes tend to be heightened on the first day of the trading week.
According to fellow Bloomberg ETF analyst James Seyffart, February 26 marked the second-largest trading day, recording $3.2 billion in trading volume when including flows from Grayscale’s Bitcoin ETF.
Earlier in the trading day, when BlackRock’s IBIT surpassed the $1 billion milestone in trading volume, analyst Eric Balchunas remarked that IBIT had achieved the 11th largest volume among all ETFs.
“Insane number for a new ETF (especially one with ten competitors). $1 billion per day is big boy level volume, enough for institutional consideration, even for large institutions,” Balchunas commented.
#Bitcoin ETF Volume results of Monday 26th of February (31st trading day):
🥇 $IBIT $1,289m
🥈 $GBTC $817m
🥉 $FBTC $576m
🪵🏅$ARKB $261mTotal Volume for The Nine: circa $2.35b!
Huge numbers for volume, with more than $2b just for the Nine, and the price action is texting on… https://t.co/Q4GapYrCUf pic.twitter.com/MAGhczWXp8
— Alessandro Ottaviani (@AlexOttaBTC) February 26, 2024
On February 26, Bitcoin surged to a high of $54,938, marking a two-year all-time high, although it remains below Bitcoin’s peak of $69,044 reached on November 10, 2021, as per CoinGecko data.
While flow data for February 26 is not yet available, spot Bitcoin ETFs saw inflows totaling over $583 million during the four-day trading week prior, according to BitMEX Research.
February 21 recorded a net outflow of $35.7 million, marking the first day without inflows since January 25.
Year-to-date, inflows have surpassed $5.5 billion.
Among spot Bitcoin ETFs, IBIT, FBTC, ARKB, and BITB saw the largest inflows of $5.9 billion, $4 billion, $1.4 billion, and $1 billion respectively, while GBTC experienced outflows of $7.4 billion.