Bitcoin

Billion

BlackRock

<img width="1260" height="710" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg 1260w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-1224x690.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-768x433.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-150x85.jpg 150w" sizes="(max-width: 1260px) 100vw, 1260px">
<p>For the second consecutive day on Tuesday, February 27, trading volumes for all <a href="https://coingape.com/btc-price-shoots-to-57000-as-nine-bitcoin-etfs-set-new-records/" target="_blank" rel="noopener">nine spot Bitcoin ETFs</a> combined reached $2 billion, reflecting sustained peak demand.</p> 
<h3 id="bitcoin-etfs-trading-volumes-soar">Bitcoin ETFs Trading Volumes Soar</h3> 
<p>Bloomberg’s ETF strategist Eric Balchunas noted another day of significant trading volume for the Nine, surpassing $2 billion. Notably, $IBIT set a new personal record with $1.3 billion in trading volume, exceeding the daily trade volume of most large-cap US stocks. Balchunas pondered whether this surge in volume is indicative of a new normal or a short-term phenomenon driven by algorithmic trading or arbitrage activities.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Another intense volume day for the Nine with well over $2b traded. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la <a href="https://twitter.com/search?q=%24HODL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HODL</a>. <a href="https://t.co/KkCkdQKe9r">pic.twitter.com/KkCkdQKe9r</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762589798827458693?ref_src=twsrc%5Etfw">February 27, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Additionally, Balchunas found it noteworthy that BlackRock’s $IBIT experienced over 100,000 individual trades, a substantial increase from its typical trading activity of 30,000 to 60,000 trades per day leading up to Tuesday. Despite initial speculation that the surge in volume was due to pent-up demand following the Presidents Day weekend, trading activity remained elevated, challenging this theory.</p> 
<p>On the other hand, the <a href="https://coingape.com/grayscales-gbtc-sees-dip-amidst-bitcoin-etf-inflow-surge/" target="_blank" rel="noopener">Grayscale Bitcoin ETF GBTC</a> has once again witnessed a surge in outflows after slowing down earlier this week. Also, on Tuesday, GBTC recorded $125 million in total outflows taking the total figure of outflows to over $7.5 billion ever since the ETF approval last month.</p> 
<p>Although GBTC stands out as the largest and most frequently traded among its counterparts, its management fee of 1.5% renders it the most costly option available. In contrast, the majority of its peers <a href="https://coingape.com/spot-bitcoin-etf-vaneck-switches-gear-with-20-fee-slash/" target="_blank" rel="noopener">charge fees</a> below 0.3%, making them more economical alternatives.</p> 
<h3 id="btc-price-action">BTC Price Action</h3> 
<p>After a strong rally earlier on Monday, the Bitcoin price is hovering close to $57,000 as of now. However, on-chain indicators continue to show strength as whale accumulation continues over the past week.</p> 
<p>In a recent analysis, crypto analyst Ali Martinez revealed a significant outflow of Bitcoin (BTC) from cryptocurrency exchanges, with a staggering 76,670 BTC withdrawn in the past month alone. This movement amounts to a total value exceeding $3.45 billion. Martinez emphasized the urgency for investors to secure their share of Bitcoin before the available supply diminishes further.</p> 
<figure id="attachment_182944" aria-describedby="caption-attachment-182944" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182944" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-BTC-Exchange-Balance-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-182944" class="wp-caption-text">
  Courtesy: Ali Martinez
 </figcaption>
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<p>The BTC price has remained steady at around $57,000 not giving up to the selling pressure. Ali Martinez estimates that approximately $300 million in liquidations will occur across various platforms if Bitcoin experiences a decline to $55,900.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Around $300 million will be liquidated across the board if <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> drops to $55,900! <a href="https://t.co/GSuNue0beo">pic.twitter.com/GSuNue0beo</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1762504151190090128?ref_src=twsrc%5Etfw">February 27, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/bitcoin-etfs-clock-2-billion-trading-volume-for-second-day-blackrock-sets-new-records/">Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Leads</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Leads

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