Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

United States spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) exchange-traded funds (ETFs) have set a new record for daily trading volumes — beating the previous tally by over one and a half times.
The ten ETFs saw $7.69 billion in volume on Feb. 28, per data posted to X by Bloomberg ETF analyst James Seyffart.
The previous record was $4.66 billion in volume seen on the fund’s Jan. 11 launch day.
BlackRock’s iShares Bitcoin ETF (IBIT) took up 43.5% of the total — seeing $3.35 billion in trading volume and doubling its previous daily record.
It’s also roughly the trading volume all ten ETFs saw the day prior on Feb. 27.
<blockquote class="twitter-tweet">
 The new record for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETF trading volume is officially $7.69 billion. Previous record was $4.66 billion from launch day. <a href="https://t.co/rZsOSUqk35">https://t.co/rZsOSUqk35</a> <a href="https://t.co/QaOKe2LuVU">pic.twitter.com/QaOKe2LuVU</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1762958770164936763?ref_src=twsrc%5Etfw">February 28, 2024</a>
</blockquote> 
The Grayscale Bitcoin Trust (GBTC) — the runner-up for the day — had $1.86 billion in trading volume.
The Fidelity Wise Origin Bitcoin Fund (FBTC) came third with $1.44 billion — doubling its volume record.
The combined volumes of GBTC and FBTC comprise about 43% of the total volume.
It took only half the trading day for the nine new ETFs — bar Grayscale’s — to blow past <a href="https://cointelegraph.com/news/new-nine-spot-bitcoin-etf-volumes-reach-new-high">their previous record</a>, Bloomberg analyst Eric Balchunas wrote in a Feb. 28 X <a href="https://twitter.com/EricBalchunas/status/1762893396379627921" target="_blank" rel="noopener nofollow">post</a>.
They went on to double that volume record with around $5.8 billion in volume by the close of trading, Balchunas wrote in a later <a href="https://twitter.com/EricBalchunas/status/1762949129666199835" target="_blank" rel="noopener nofollow">post</a>.
“The total number of trades was double too, over half a million individual trades [between] them,” he added.
Related: <a href="https://cointelegraph.com/news/matrixport-warns-market-euphoria-bitcoin-60k-milestone">Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone</a>
Balchunas added market makers told him the volume is largely “natural demand” versus algorithmic or arbitrage trading volume as he’d previously speculated.
The record-setting volume day comes as Bitcoin <a href="https://cointelegraph.com/news/bitcoin-price-hits-64k-as-traders-anticipate-new-all-time-high-before-halving">rallied over 10%</a> to an over two-year high of $64,000.
It’s retraced to as low as $60,000 but slightly recovered to trade above $62,000 at the time of publication, <a href="https://pro.cointelegraph.com/coins/bitcoin">according</a> to Cointelegraph Markets Pro.
Meanwhile, GBTC saw $216.4 million in net outflows on Feb. 28, according to preliminary Farside Investors <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">data</a>. 
It’s the fund’s highest outflow day since its $220.7 million on Jan. 30 and a record so far for February.
Hall of Flame: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M</a>

Spot Bitcoin ETF volumes shatter record with massive $7.7B traded

Cointelegraph

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