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Nine of the spot Bitcoin exchange-traded funds (ETFs) launched in January managed to exceed $2 billion in volume on two consecutive trading days thanks to the continued interest in ETFs.
Bitcoin ETFs Volumes Continue to Break Records!
Bloomberg ETF analyst Eric Balchunas described today as a “different intensity volume day for the nine ETFs, excluding GBTC” in a post on his social media account.
In the BlackRock ETF, Eric mentioned a record-breaking daily volume of $1.3 billion, which is more than most major capital US firms, and added, “I don’t know whether this is a new normal or a surge related to a kind of short-term strategy.”
Balchunas said that BlackRock’s iShares Bitcoin ETF ($IBIT) traded more than 100,000 on February 27, which is higher than the average daily 30-60 thousand transactions.
Thus, along with the volume increase in other ETFs, it was the second trading day that their daily volumes have exceeded $2 billion since the launch of the nine new ETFs.
Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that’s more than most large cap US stocks trade). I don’t know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r
— Eric Balchunas (@EricBalchunas) February 27, 2024
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