‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight day

Martin Young2 hours ago‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight dayBlackRock"s ETF also notched a new record $1.3 billion in daily volume in what an analyst described as “another intense volume day” for the funds.1362 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNine of the recently launched spot Bitcoin exchange-traded funds (ETFs) have recorded a second straight trading day of combined volumes of over $2 billion as demand and interest remain heated.

In a Feb. 27 X post, Bloomberg ETF analyst Eric Balchunas described it as “another intense volume day for the Nine” — the ETFs bar Grayscales converted Bitcoin trust. He noted BlackRock’s ETF notched a new record $1.3 billion in daily volume, more than most large-cap United States stocks.

“I don’t know if this is a new normal or some kind of short-term [algorithm or arbitrage]-related burst,” he wrote.

BlackRock’s iShares Bitcoin ETF (IBIT) saw over 100,000 individual trades on Feb. 27, up from the around 30,000 to 60,000 average daily trades, Balchunas observed.Also interesting $IBIT saw over 100,000 individual trades today. It was doing 30-60k the whole time up until Tuesday. It"s like it found a new gear over Pres Day wknd. I thought maybe it was just pent up volume due to long wknd but it did even more today so there goes that theory pic.twitter.com/YTWp4BosIo— Eric Balchunas (@EricBalchunas) February 27, 2024

The Fidelity Wise Origin Bitcoin Fund (FBTC) had $578 million in daily volume, while the ARK 21Shares Bitcoin ETF (ARKB) was the third-highest ETF in terms of trade volume at $204 million.

It is the second day in a row that the nine new ETFs have topped $2 billion in daily volume since their launch on Jan. 11.

Trading volumes for the nine funds topped $2.4 billion on Feb. 26, beating the prior record of $2.2 billion set on their first trading day.

The figures on both days excluded volume from the Grayscale Bitcoin Trust (GBTC), which saw an outflow of $22.4 million on Feb. 26 and $125.6 million on Feb. 27, according to preliminary data from Farside Investors.

Related:Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes

On Feb. 28, ETF Store President Nate Geraci posted a chart showing the diminishing share of Grayscale’s ETF volume compared to that of the others.Nice look at GBTC vs non-GBTC spot bitcoin ETF cumulative flows…

Also shows GBTC’s eroding share of $$$ trading volume.

via @Todd_Sohn pic.twitter.com/cCKiTEMvQ2— Nate Geraci (@NateGeraci) February 27, 2024

Farside’s preliminary flow data shows the ETF’s combined net inflow at $574 million for Feb. 27, greater than the $520 million the day prior despite a larger outflow from Grayscale.

BlackRock’s IBIT saw $520 million in net inflows, while Fidelity’s FBTC had $126 million. Bitwise’s fund was third, with $18.3 million of inflows.

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