Bitcoin ETF

Bitcoin

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On Feb. 28, 2024, trading volume for nine spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) ETFs approached $6 billion. 
The figure is more than double the previous high set on Feb. 26, when the trading volume was $2.4 billion, Bloomberg Intelligence analyst Eric Balchunas said. 
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 RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$IBIT</a> led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$IBIT</a> alone &gt; <a href="https://twitter.com/search?q=%24QQQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$QQQ</a>. <a href="https://t.co/ZzB5PWXA4f" target="_blank">pic.twitter.com/ZzB5PWXA4f</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762949129666199835?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 28, 2024</a>
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The iShares Bitcoin Trust (IBIT) fund from <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="noreferrer noopener">BlackRock</a> remains the leader among spot Bitcoin ETFs. The trading volume for this position was $3.3 billion. In second place is Fidelity Wise Origin Bitcoin Fund (FBTC) from <a href="https://crypto.news/tag/Fidelity/" target="_blank" rel="noreferrer noopener">Fidelity</a> Investments at $1.4 billion. Balchunas notes that both funds have doubled their previous records. The total number of transactions also reached an impressive volume of 500,000. 
However, Balchunas notes that many market makers do not have access to spot <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> <a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">ETF</a> market. 
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 “I asked around to some mkt makers and most said this volume is largely a function of natural demand vs algo/arb type volume. Word is wirehouse platforms are seriously looking at adding them soon. I’m sure pressure is mounting for them. They like to see track record and get paid off, but w grassroots demand like this they gonna have to expedite.” <cite>Eric Balchunas, Bloomberg Intelligence analyst </cite>
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 You might also like: <a href="https://crypto.news/qcp-capital-explains-when-to-expect-bitcoins-all-time-high/"> QCP Capital explains when to expect Bitcoin’s all-time high </a> 
Against the backdrop of consistently high activity in the spot Bitcoin ETF sector, the BTC rate has increased significantly. Thus, on Feb. 28, the Bitcoin rate reached its highest since November 2021, <a href="https://crypto.news/bitcoin-64000-2024-bull-run/" target="_blank" rel="noreferrer noopener">touching</a> $64,000, according to <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a> data. 
Amid the rally, Glassnode analysts <a href="https://crypto.news/short-term-holders-are-flooding-crypto-exchanges-glassnode-says/" target="_blank" rel="noreferrer noopener">said</a> that trends in capital flows, exchange activity, leverage in crypto derivatives, and institutional demand signal increased risk appetite among Bitcoin investors. 
 Read more: <a href="https://crypto.news/bitcoin-etf-approvals-spark-mass-btc-adoption-experts-say/"> Bitcoin ETF approvals spark mass BTC adoption, experts say </a>

Spot Bitcoin ETF trading volume approaches $6b

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