<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 ETFs Break Another Record With Skyrocketing Daily Volumes" 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>The trading volumes of the recently introduced <a href="https://coingape.com/bitcoin-etfs-clock-2-billion-trading-volume-for-second-day-blackrock-sets-new-records/" target="_blank" rel="noopener">Bitcoin ETFs</a> have experienced an unprecedented surge this week, reaching new milestones with each passing day. Specifically, on Wednesday, February 28, the collective daily trading volumes of all nine bitcoin ETFs saw an astounding 100% surge.</p> 
<h3 id="bitcoin-etfs-trading-volumes-shoot-6-billion">Bitcoin ETFs Trading Volumes Shoot $6 Billion</h3> 
<p>Eric Balchunas, a renowned ETF strategist at Bloomberg, disclosed remarkable figures for the New Nine ETFs, indicating a doubling of their volume record. With approximately $6 billion traded, this surge surpassed their previous record set just the day before. Leading the pack, BlackRock’s $IBIT saw $3.3 billion in trading volume, while Fidelity recorded $1.4 billion, both doubling their previous records. Impressively, the total number of trades also doubled, surpassing half a million individual transactions among them.</p> 
<p>Moreover, when factoring in $GBTC, the Ten ETFs collectively shattered the old record, which dates back to their inception, reaching nearly $8 billion in trading volume. Including Bitcoin futures ETFs like $BITO, referred to as the Bitcoin ETF Complex, the total trading volume soared over $10 billion. Balchunas highlighted the trajectory since the launch of $BITO in 2021.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> alone &gt; <a href="https://twitter.com/search?q=%24QQQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QQQ</a>. <a href="https://t.co/ZzB5PWXA4f">pic.twitter.com/ZzB5PWXA4f</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762949129666199835?ref_src=twsrc%5Etfw">February 28, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>In discussions with market makers, Balchunas found that this surge in volume primarily stems from <a rel="nofollow" href="https://twitter.com/EricBalchunas/status/1762954053808472145" target="_blank">organic</a> demand rather than algorithmic or arbitrage-driven trading. He noted that wirehouse platforms are reportedly contemplating adding these ETFs to their offerings, with growing pressure to do so. While these platforms typically seek established track records and incentives, the burgeoning grassroots demand may expedite their inclusion.</p> 
<p>The Bitcoin price rallied all the way to $64,000 on Wednesday, before slowing down a bit. The Bitcoin trading volume has also shot up by 116% in the last 24 hours to $88 billion. If this euphoria continues, the new <a href="https://coingape.com/trending/top-reasons-why-bitcoin-price-will-hit-100k-soon/" target="_blank" rel="noopener">Bitcoin all-time high</a> won’t be far away.</p> 
<h3 id="morgan-stanley-to-add-btc-etf-products">Morgan Stanley to Add BTC ETF Products</h3> 
<p>Sources familiar with the matter said that banking giant <a href="https://coingape.com/morgan-stanley-fund-considers-bitcoin-etfs-for-growth-strategy/" target="_blank" rel="noopener">Morgan Stanley</a> is currently conducting thorough due diligence to potentially integrate spot Bitcoin ETF products into its brokerage platform. The move comes as Morgan Stanley, a major U.S. broker-dealer platform, explores the possibility of offering spot Bitcoin ETFs to its clientele following the SEC’s approval of such products in January.</p> 
<p>While significant investments have already flowed into these products, the widespread adoption may hinge on their availability through large registered investment advisor (RIA) networks and brokerage platforms associated with major firms like Merrill Lynch, Morgan Stanley, and Wells Fargo, among others.</p> 
<p>Morgan Stanley holds a solid track record in alternative investments and private markets, boasting over $150 billion in assets under management. Furthermore, it has been at the forefront of providing access to Bitcoin for its affluent clients.</p> 
<p>In 2021, the bank made headlines by becoming the first major U.S. bank to offer exposure to Bitcoin funds to its wealth management clients. This move was confirmed during Morgan Stanley’s first-quarter earnings call in April 2021, where they announced the availability of bitcoin exposure through external crypto funds</p> 
<p>The post <a href="https://coingape.com/bitcoin-etf-trading-volumes-double-at-6-billion-70000-btc-price-coming/">Bitcoin ETF Trading Volumes Surge 100% to $6 Billion, $70,000 BTC Price Coming?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETF Trading Volumes Surge 100% to $6 Billion, $70,000 BTC Price Coming?

Table of Contents

Coingape News Media

Other articles published on Feb 29, 2024

Dogecoin Price Prediction: DOGE Soars 30% On Elon Musk Tweets, But Experts Say This Other New Mem...

Polygon, Celestia, and NuggetRush may outperform XRP

US Administration Transfers $922M Bitcoin Haul as Crypto Value Soars Past $60,000

ARKMining: The Best Mining Way for Passive Income in 2024 and Achieve Financial Freedom

Record Highs in ETF Sector Boost Cryptocurrency Market

Bitcoin Climbs to 9th Place Among World’s Largest Assets

Join our free newsletter for daily crypto updates!