Bitcoin ETF

Bitcoin

Billion

<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>Bitcoin ETFs continue their market dominance with staggering trading volumes despite the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC) price</a> volatility on Tuesday, March 6. On Tuesday, March 5, the total trading volumes across all ten Bitcoin ETFs crossed a staggering $10 billion as the BTC price exhibited massive volatility of $10,000 fluctuating between $69,000 and $59,000.</p> 
<h3 id="ten-bitcoin-etfs-shatter-volume-records">Ten Bitcoin ETFs Shatter Volume Records</h3> 
<p>According to Bloomberg ETF strategist Eric Balchunas, the surge in trading activity comes as no surprise, considering the inherent volatility associated with ETFs. However, the magnitude of today’s trading numbers is remarkable, especially for ETFs that are less than two months old.</p> 
<p>Several ETFs, including $IBIT, $FBTC, $BITB, and $ARKB, witnessed record-breaking trading days, indicating a growing investor interest in cryptocurrency-based exchange-traded products. In fact, <a href="https://coingape.com/bitcoin-etf-blackrock-sees-6th-day-of-1-bln-trading-volume-as-bull-run-continues/" target="_blank" rel="noopener">BlackRock’s IBIT Bitcoin ETF</a> clocked its highest-ever daily inflows at a staggering $788 million. Fidelity’s FBTC came second with $125 million in net inflows, as per <a rel="nofollow" href="https://farside.co.uk/?p=997" target="_blank">data</a> from Farside Investors.</p> 
<figure id="attachment_184285" aria-describedby="caption-attachment-184285" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-184285" src="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes.png" alt="" width="1398" height="870" srcset="https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes.png 1398w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes-300x187.png 300w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes-1224x762.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes-768x478.png 768w, https://coingape.com/wp-content/uploads/2024/03/Bitcoin-ETF-Trading-Volumes-150x93.png 150w" sizes="(max-width: 1398px) 100vw, 1398px">
 <figcaption id="caption-attachment-184285" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/EricBalchunas/status/1765121689036427654/photo/1" target="_blank">Eric Balchunas</a>
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</figure> 
<p>ProShares Short Bitcoin Strategy ETF, $BITI, exceeded its previous record by a considerable margin, which is understandable given its status as a short <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">Bitcoin ETF</a>. Balchunas highlighted the potential launch of 2x and -2x spot BTC ETFs, amid strong demand from the traders.</p> 
<p>Additionally, $BITO and $BITX both shattered their previous volume records, highlighting the unforeseen impact of the current enthusiasm for spot Bitcoin trading on futures-based ETFs.</p> 
<p>The combined assets of the ten-spot BTC ETFs have surged past $50 billion, marking a significant milestone. Just seven weeks ago, these ETFs started with assets under $30 billion. Approximately $8 billion of the total increase is due to inflows, while the remaining growth is a result of the appreciation in Bitcoin’s price value. Eric Balchunas stated that both Bitcoin and ETFs are benefitting from each other.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Big moment for bitcoin but I'd argue just as big a moment for ETFs. Move from 25k to 69k was all or close to all due to ETF approval hopes and/or flows (as per Isabelle's chart) and arguably warranted IMO, ETFs (and its ecosystem) so damn good at taking something and making it… <a href="https://t.co/sfDDUudAtF">https://t.co/sfDDUudAtF</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1765052258671378702?ref_src=twsrc%5Etfw">March 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="btc-profit-booking">BTC Profit Booking</h3> 
<p>While the Bitcoin ETFs continue to hit new milestones, there’s a strong <a href="https://coingape.com/author/bhushan/" target="_blank" rel="noopener">profit booking</a> from long-term Bitcoin holders, especially miners. Tuesday’s turbulent price fluctuations exemplified the unpredictable nature of Bitcoin, characterized by rapid surges and declines.</p> 
<p>The optimistic speculations in the derivatives market further fueled the BTC uptrend, where investors could leverage their positions significantly, sometimes up to 100 times, using products like perpetual futures.</p> 
<p>However, as Bitcoin’s trajectory shifted, over $800 million worth of bullish positions swiftly faced liquidation in the perpetual futures market, as reported by crypto data tracker Coinglass.</p> 
<p>The post <a href="https://coingape.com/bitcoin-etfs-hit-record-trading-volumes-at-10-billion-amid-btc-price-volatility/">Bitcoin ETFs Hit Record Trading Volumes At $10 Billion Amid BTC Price Volatility</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETFs Hit Record Trading Volumes At $10 Billion Amid BTC Price Volatility

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