Bitcoin ETFs Remain in High Demand, Trade Volumes Surpass $2 Billion For Two Straight Days
Summary:
The "Famous Nine" Bitcoin exchange-traded funds (ETFs) reported two consecutive days of collective trading volumes exceeding $2 billion, indicating sustained high demand. BlackRock's ETF set a new daily volume record of $1.3 billion, while the iShares Bitcoin ETF noted over 100,000 trades in one day. The Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF also showed robust performance. Despite large outflows from the Grayscale Bitcoin Trust, preliminary data from Farside Investors showed a net inflow of $574 million for the ETFs.
Bitcoin exchange-traded funds (ETFs), commonly referred to as the "Famous Nine," recently reported two consecutive days of combined trading volumes exceeding $2 billion, indicating a persistent high demand and interest. On February 27th, Eric Balchunas, a Bloomberg ETF analyst, highlighted this robust trading activity, singling out BlackRock's ETF which reached a new daily volume record of $1.3 billion, outpacing many large-cap US stocks. BlackRock’s iShares Bitcoin ETF (IBIT) recorded over 100,000 individual trades for the day, a significant jump up from the usual daily averages of 30,000 to 60,000 trades.
Moreover, other funds like the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) also performed impressively, with daily volumes standing at $578 million and $204 million respectively. This marks the second day that these nine recently launched ETFs have exceeded $2 billion in total trade volume since their beginning on January 11th. The combined trade volume for these funds peaked at $2.4 billion on February 26th, outperforming the previous high of $2.2 billion on their inaugural day of trading.
Statistics for both days doesn’t account for the Grayscale Bitcoin Trust (GBTC), which reported outflows of $22.4 million on February 26th and $125.6 million on February 27th, based on initial data from Farside Investors. On February 28th, ETF Store President Nate Geraci shared a graph illustrating the decreasing volume proportion of Grayscale's ETF compared to others.
Furthermore, provisional data from Farside reveals a joint net inflow for the ETFs of $574 million for February 27th, which outweighs the previous day's $520 million, despite Grayscale's increased outflows. BlackRock's IBIT exhibited net inflows of $520 million, Fidelity's FBTC had $126 million, while Bitwise's fund came in third with an inflow of $18.3 million.
Published At
2/28/2024 9:01:21 AM
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