Bitcoin

Billion

BlackRock

<img width="1260" height="710" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg 1260w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-1224x690.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-768x433.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-150x85.jpg 150w" sizes="(max-width: 1260px) 100vw, 1260px">
<p>For the second consecutive day on Tuesday, February 27, trading volumes for all <a href="https://coingape.com/btc-price-shoots-to-57000-as-nine-bitcoin-etfs-set-new-records/" target="_blank" rel="noopener">nine spot Bitcoin ETFs</a> combined reached $2 billion, reflecting sustained peak demand.</p> 
<h3 id="bitcoin-etfs-trading-volumes-soar">Bitcoin ETFs Trading Volumes Soar</h3> 
<p>Bloomberg’s ETF strategist Eric Balchunas noted another day of significant trading volume for the Nine, surpassing $2 billion. Notably, $IBIT set a new personal record with $1.3 billion in trading volume, exceeding the daily trade volume of most large-cap US stocks. Balchunas pondered whether this surge in volume is indicative of a new normal or a short-term phenomenon driven by algorithmic trading or arbitrage activities.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Another intense volume day for the Nine with well over $2b traded. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la <a href="https://twitter.com/search?q=%24HODL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HODL</a>. <a href="https://t.co/KkCkdQKe9r">pic.twitter.com/KkCkdQKe9r</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762589798827458693?ref_src=twsrc%5Etfw">February 27, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Additionally, Balchunas found it noteworthy that BlackRock’s $IBIT experienced over 100,000 individual trades, a substantial increase from its typical trading activity of 30,000 to 60,000 trades per day leading up to Tuesday. Despite initial speculation that the surge in volume was due to pent-up demand following the Presidents Day weekend, trading activity remained elevated, challenging this theory.</p> 
<p>On the other hand, the <a href="https://coingape.com/grayscales-gbtc-sees-dip-amidst-bitcoin-etf-inflow-surge/" target="_blank" rel="noopener">Grayscale Bitcoin ETF GBTC</a> has once again witnessed a surge in outflows after slowing down earlier this week. Also, on Tuesday, GBTC recorded $125 million in total outflows taking the total figure of outflows to over $7.5 billion ever since the ETF approval last month.</p> 
<p>Although GBTC stands out as the largest and most frequently traded among its counterparts, its management fee of 1.5% renders it the most costly option available. In contrast, the majority of its peers <a href="https://coingape.com/spot-bitcoin-etf-vaneck-switches-gear-with-20-fee-slash/" target="_blank" rel="noopener">charge fees</a> below 0.3%, making them more economical alternatives.</p> 
<h3 id="btc-price-action">BTC Price Action</h3> 
<p>After a strong rally earlier on Monday, the Bitcoin price is hovering close to $57,000 as of now. However, on-chain indicators continue to show strength as whale accumulation continues over the past week.</p> 
<p>In a recent analysis, crypto analyst Ali Martinez revealed a significant outflow of Bitcoin (BTC) from cryptocurrency exchanges, with a staggering 76,670 BTC withdrawn in the past month alone. This movement amounts to a total value exceeding $3.45 billion. Martinez emphasized the urgency for investors to secure their share of Bitcoin before the available supply diminishes further.</p> 
<figure id="attachment_182944" aria-describedby="caption-attachment-182944" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182944" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-182944" class="wp-caption-text">
  Courtesy: Ali Martinez
 </figcaption>
</figure> 
<p>The BTC price has remained steady at around $57,000 not giving up to the selling pressure. Ali Martinez estimates that approximately $300 million in liquidations will occur across various platforms if Bitcoin experiences a decline to $55,900.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Around $300 million will be liquidated across the board if <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> drops to $55,900! <a href="https://t.co/GSuNue0beo">pic.twitter.com/GSuNue0beo</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1762504151190090128?ref_src=twsrc%5Etfw">February 27, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/bitcoin-etfs-clock-2-billion-trading-volume-for-second-day-blackrock-sets-new-records/">Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Leads</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Leads

Table of Contents

Coingape News Media

Other articles published on Feb 28, 2024

G20 bullish on global economy: But why should it even matter?

Crypto Exchange Backpack Attains $17 Million Boost for Expansion

5 Altcoins for March: Keep an Eye on These Potential Movers

Bitfinex hackers turn witnesses laundered billions in BTC, reveals tactics

Bitcoin Sees Highest February Returns In 11 Years, What Comes Next In March?

Whales Accumulate Dogecoin in Surprising Move

Join our free newsletter for daily crypto updates!