Bitcoin Spot ETF Trading Volume Hits Record with $7.7 Billion Transaction
U.S. Bitcoin ETFs Surge to New Trading Volume Record, Doubling Previous Highs
In a significant milestone, the trading volume of ten new U.S. Bitcoin ETFs has shattered previous records, doubling the highest volume seen on prior days. These Bitcoin Exchange-Traded Funds (ETFs) in the United States have set a new daily trading volume record, surging to 1.5 times the previous high, according to data shared by James Seyffart, a Bloomberg ETF analyst. On February 28th, these ten ETFs saw a staggering $7.69 billion in trading volume, eclipsing the prior record of $4.66 billion observed on the fund’s launch day, January 11th.
The iShares BlackRock Bitcoin ETF (IBIT) claimed 43.5% of the total volume, witnessing $3.35 billion in trades and doubling its previous daily record. Similarly, the Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) ranked second and third, with $1.86 billion and $1.44 billion in trading volumes respectively, each doubling their record volumes. Together, GBTC and FBTC accounted for approximately 43% of the total volume.
Bloomberg analyst Eric Balchunas noted that it only took half a trading day for the nine new ETFs to surpass Grayscale’s previous record, ending the day with roughly $5.8 billion in volume, effectively doubling the record. He added that the total number of trades also doubled, surpassing half a million individual transactions. Balchunas mentioned that market makers confirmed the volume was largely driven by genuine demand rather than algorithmic or arbitrage trading, as previously speculated.
This record-setting day in trading volume coincided with Bitcoin’s over 10% surge, reaching its highest price in the past two years at $64,000. Although the price dipped to $60,000, it has since recovered, trading above $62,000 at the time of reporting. Additionally, GBTC experienced its highest single-day outflow on February 28th, with a net withdrawal of $216.4 million, marking a record for February and surpassing the previous high of $220.7 million on January 30th.
