On February 28, United States Bitcoin exchange-traded funds (ETFs) hit a remarkable milestone, with daily trading volumes surging past previous records.
According to Bloomberg ETF analyst James Seyffart, the combined trading volume of ten ETFs soared to $7.69 billion, exceeding the earlier record of $4.66 billion set on their launch day, January 11. Notably, BlackRock’s iShares Bitcoin ETF (IBIT) contributed 43.5% to the total volume of $3.35 billion.
The Grayscale Bitcoin Trust (GBTC) took second place with $1.86 billion in trading volume, while the Fidelity Wise Origin Bitcoin Fund (FBTC) followed closely with $1.44 billion. Together, GBTC and FBTC accounted for around 43% of the overall trading volume.
Bloomberg analyst Eric Balchunas noted that within half a trading day, the nine new ETFs, excluding Grayscale’s, surpassed their previous volume records.
By the close of trading, these ETFs had collectively reached a volume of approximately $5.8 billion, doubling their previous record. Balchunas also observed a doubling in the total number of trades, surpassing half a million individual transactions among them.
Also Read: Morgan Stanley Adds Bitcoin ETF Language to SEC Filings
