IBIT, the ETF from BlackRock, represented more than half of the daily trading volume, exceeding its previous daily record by over 30%. Meanwhile, trading volumes for the “new nine” spot bitcoin exchange-traded funds (ETFs) reached a new daily peak as BTC climbed to $54,938 on Monday.
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According to data from Bloomberg ETF analyst Eric Balchunas, on February 26, trading volumes for the nine companies exceeded $2.4 billion, surpassing the previous record of $2.2 billion set on the first trading day, January 11.
BlackRock’s Bitcoin ETF position could have been higher if it had not missed the first seven trading days on the Nasdaq awaiting SEC approval. BlackRock’s iShares Bitcoin Trust (ETF) entered the ranks of the top 0.16% ETF products released in the US.
According to senior Bloomberg ETF analyst Eric Balchunas as of February 5, inflows into spot bitcoin ETFs exceeded $3.19 billion. They were surpassed only by broad-based index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF.
In both days’ data, the volume of the converted Bitcoin ETF Grayscale, Grayscale Bitcoin Trust (GBTC), is not included. BlackRock’s IBIT took the lead on February 26th with $1.29 billion, setting its own daily record by about 30%, while Fidelity’s FBTC came in second with $576 million. ETF flows from ARK 21Shares (ARKB) and Bitwise (BITB) amounted to $276 million and $81 million, respectively.
Analytic’s opinion
Balchunas said he’s “not entirely sure” where the new interest came from but noted that volumes tend to ramp up on the first day of the trading week.
His colleague, Bloomberg ETF analyst James Seyffart, pointed out that February 26th was the second-largest trading day, clocking in at $3.2 billion, when factoring in flows from Grayscale’s Bitcoin ETF.
Earlier in the trading day, when IBIT crossed the $1 billion mark, Balchunas noted that IBIT ranked 11th in volume among all ETFs.
A crazy figure for an ETF newcomer (especially one with ten competitors). $1 billion in a day – that’s big business volume, enough for (even large) institutional consideration.
Meanwhile, on February 26th, the price of Bitcoin surged to $54,938. By the time of publication, Bitcoin added another $3,000 to its value. The price hit a two-year high, although it still hasn’t reached Bitcoin’s record high of $69,044, set on November 10, 2021.
While flow data for February 26th hasn’t come in, according to BitMEX Research, over $583 million flowed into spot Bitcoin ETFs during last week’s four-day trading week.
On February 21st, there was a net outflow of $35.7 million, marking the initial day without any inflows since January 25th.
Since the beginning of the year, inflows have surpassed $5.5 billion. IBIT, FBTC, ARKB, and BITB experienced the most significant inflows, totaling $5.9 billion, $4 billion, $1.4 billion, and $1 billion respectively, whereas GBTC witnessed an outflow of $7.4 billion.
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BlackRock’s IBIT ETF led the charge, setting its own record with a trading volume exceeding 30%. The “new nine” spot bitcoin exchange-traded funds also saw a surge in trading volumes, reaching a new daily peak. Despite missing initial trading days on the Nasdaq, BlackRock’s iShares Bitcoin Trust ETF still managed to secure a prominent position among ETF products.
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