Bitcoin

Spot

<div class="coinjournal">
 <ul>
 <li>Spot Bitcoin ETFs recorded a staggering $7.69 billion in trading volumes on February 28.</li>
 <li>Top ETF volumes were with BlackRock’s IBIT, Grayscale’s GBTC and Fidelity’s FBTC.</li>
 <li>Bitcoin price also rose sharply on Monday, hitting highs of $64k before paring gains amid Coinbase network issues.</li>
 </ul>
 Relentless demand for the recently approved spot Bitcoin ETFs has pushed the trading volumes to a new record.
 On Wednesday, the US spot Bitcoin ETFs saw an incredible $7.69 billion in volume. According to market data tracking the performance of these products, Wednesday’s huge trading volumes shattered the previous day’s nearly 2x.
 Leading the charge as has happened in recent weeks is BlackRock’s iShares Bitcoin Trust (IBIT), with over $3.3 billion to account for nearly 44% of the total volume. IBIT did more than $1.3 billion on Monday.
 Grayscale’s Bitcoin Trust (G<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>) and Fidelity’s Bitcoin Fund (F<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>) also hit past the <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> milestone, <a rel="noopener noreferrer nofollow" title="record" href="https://thebittimes.com/tag/record.html">record</a>ing $1.86 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> and $1.44 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> respectively.
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 RIDIC: the New Nine doubled their volume <a rel="noopener noreferrer nofollow" title="record" href="https://thebittimes.com/tag/record.html">record</a> (set Monday) with just about $6b traded.. $IBIT led w $3.3b of it, Fidelity did $1.4b (both double their prev <a rel="noopener noreferrer nofollow" title="record" href="https://thebittimes.com/tag/record.html">record</a>s). The total number of trades was double too, over half a million individual trades bt them. $IBIT alone &gt; $QQQ. pic.twitter.com/ZzB5PWXA4f
 — Eric Balchunas (@EricBalchunas) February 28, 2024
 </blockquote>
 
 Commenting on the massive traction, ETF analyst Eric Balchunas noted that the upsurge seems to be organic and not catalysed by algorithmic or arbitrage <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>. He noted on X:
 “I asked around to some mkt makers and most say this volume is largely 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.”
 The frenzy is also showing in the Bitcoin futures ETFs market, Balchunas noted. With BITO, BITX and BITI all up on volume, the total for the Bitcoin ETFs approached the $10 billion mark.
 <h2 id="span-style-font-weight-400-bitcoin-price-hits-64k-span">Bitcoin price hits $64k</h2>
 Bitcoin price has rallied since the SEC approved the spot Bitcoin ETFs in January, with the latest explosion sending the flagship cryptocurrency’s value past the $64,000 level. As Bitcoin’s halving approaches, analysts say BTC price could soar to a new all-time high above $100k in 2024.
 BTC traded around $62,570 on Thursday morning, up 5.3% in the past 24 hours and 22% in the past week.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion-tbt81171.html">https://thebittimes.com/spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion-tbt81171.html</a>

Spot Bitcoin ETFs shatter trading record with $7.69 billion

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