Freshly introduced spot Bitcoin ETFs have sustained their demand by logging a second trading day with collective volumes surpassing the $2 billion mark. Bloomberg’s ETF expert Eric Balchunas shared insights on this trading phenomenon, noting the significant interest in these funds. Specifically, the BlackRock ETF fund set a new daily volume record, trading $1.3 billion and outpacing most established US stocks in terms of daily trades.
Volume Surge in Leading Bitcoin ETFs
The BlackRock iShares Bitcoin ETF (IBIT) experienced over 100,000 trades in one day, dwarfing its usual daily range between 30,000 and 60,000 trades. Close competitors Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) also showed robust performance with daily volumes of $578 million and $204 million, respectively, contributing to the nine ETFs’ remarkable daily trading volume.
Robust Performance Despite Other Funds’ Outflows
Even with Grayscale Bitcoin Trust’s GBTC experiencing outflows, the nine Bitcoin ETFs saw their trading volumes soar, with February 26 marking a total of $2.4 billion, exceeding the previous high set on their debut. ETF Store President Nate Geraci highlighted the shifting ETF volume landscape, with Grayscale’s share decreasing as these new ETFs capture market attention.
Preliminary data from Farside Investors revealed that these new ETFs attracted $574 million in net inflows on February 27, topping the inflows from the day before despite Grayscale’s sizable outflows. BlackRock’s IBIT attracted the most significant inflow of $520 million, followed by Fidelity’s FBTC with $126 million, and Bitwise’s fund with $18.3 million inflows.
The sustained trading vigor in the spot Bitcoin ETF market underscores the growing investor interest in cryptocurrency-backed financial products, suggesting a strong foothold for these instruments in the trading ecosystem.