BTC Crosses $55K as Spot Bitcoin ETFs See Record Daily Trading Volume
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BTC Crosses $55K as Spot Bitcoin ETFs See Record Daily Trading Volume

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2 months ago

Bitcoin (BTC) reached a two-year high of $56,444.64, coinciding with record trading volumes for the nine spot Bitcoin exchange-traded funds (ETFs).

BTC Crosses $55K as Spot Bitcoin ETFs See Record Daily Trading Volume
Bitcoin (BTC) reached a two-year high of $56,444.64, coinciding with record trading volumes for the nine spot Bitcoin exchange-traded funds (ETFs). Data from Bloomberg ETF analyst Eric Balchunas reveals that combined daily trading volume for these nine ETFs surpassed $2.4 billion on February 26, surpassing the previous record of $2.2 billion set on their launch day in January. This surge excludes volumes from Grayscale's converted Bitcoin ETF (GBTC).
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BlackRock's IBIT led the way with the highest daily volume on February 26th, reaching $1.29 billion, marking a 30% increase from its previous daily record. Fidelity's FBTC followed closely with $576 million. ARKB and BITB also contributed significant volumes of $276 million and $81 million, respectively.

While the source of this renewed interest remains unclear, Balchunas notes that trading volumes often spike at the beginning of the week. Bloomberg's James Seyffart adds that including Grayscale's Bitcoin ETF elevates the combined daily volume to a hefty $3.2 billion, the second-largest ever recorded.

Further data from BitMEX Research indicates that over $583 million flowed into spot Bitcoin ETFs during the previous four-day trading week. Year-to-date inflows have now surpassed $5.5 billion, with IBIT, FBTC, ARKB, and BITB leading the pack with inflows exceeding $1 billion each. Notably, Grayscale's GBTC has experienced net outflows of $7.4 billion so far this year.

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