The ten Bitcoin Spot ETFs in the United States set a new daily trading volume record, surpassing the previous record by more than one and a half times. On February 28th, the ten ETFs recorded $7.69 billion in volume, according to data published by Bloomberg ETF analyst James Seyffart.
Exceptional performance of BlackRock’s IBIT
BlackRock’s iShares Bitcoin ETF (IBIT) dominated with 43.5% of the total volume, reaching $3.35 billion in trading volume and doubling its previous daily record. This is roughly the same trading volume that the ten ETFs saw the previous day, February 27th.
Significant volumes for GBTC and FBTC
The Grayscale Bitcoin Trust (GBTC) and the Fidelity Wise Origin Bitcoin Fund (FBTC) followed, with $1.86 billion and $1.44 billion in trading volume respectively, with the latter doubling its volume record. The combined volumes of GBTC and FBTC represent approximately 43% of the total volume.
Meanwhile, GBTC experienced $216.4 million in net outflows on February 28th. This is the highest outflow day for the fund since its $220.7 million on January 30th and a record for February.
It only took half a trading day for the nine new ETFs, excluding Grayscale, to surpass their previous record, according to Bloomberg analyst Eric Balchunas. They then doubled this volume record with approximately $5.8 billion in volume at the close of trading.
Natural demand and the rise of Bitcoin
Balchunas added that market makers indicated to him that the volume was largely due to “natural demand” rather than algorithmic trading or arbitrage volume, as he had previously speculated. This record-breaking day comes as Bitcoin surged more than 10% to reach a peak of over two years at $64,000.
