Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Nine recently launched spot Bitcoin exchange-traded funds (ETFs) have recorded a second straight trading day of combined volumes over $2 billion as demand and interest remain heated.
In a Feb. 27 X post, Bloomberg ETF analyst Eric Balchunas described it as “another intense volume day for the Nine” — the new ETFs excluding the converted Grayscale Bitcoin Trust (GBTC). He noted that BlackRock’s ETF notched a new record $1.3 billion daily volume, more than most large-cap United States stocks.
“I don’t know if this is a new normal or some kind of short-term [algorithm or arbitrage]-related burst,” he wrote.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw over 100,000 individual trades on Feb. 27, up from around 30,000 to 60,000 average daily trades, Balchunas observed. 
<blockquote class="twitter-tweet">
 Also interesting <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> saw over 100,000 individual trades today. It was doing 30-60k the whole time up until Tuesday. It's like it found a new gear over Pres Day wknd. I thought maybe it was just pent up volume due to long wknd but it did even more today so there goes that theory <a href="https://t.co/YTWp4BosIo">pic.twitter.com/YTWp4BosIo</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1762591377446285737?ref_src=twsrc%5Etfw">February 27, 2024</a>
</blockquote> 
The Fidelity Wise Origin Bitcoin Fund (FBTC) had $578 million in daily volume, while the ARK 21Shares Bitcoin ETF (ARKB) was the third-highest ETF in terms of trade volume at $204 million. 
It is the second day in a row that the nine new ETFs have <a href="https://cointelegraph.com/news/vaneck-bitcoin-etf-trading-volume-jumps-1400-percent">topped $2 billion in daily volume</a><a href="https://cointelegraph.com/news/vaneck-bitcoin-etf-trading-volume-jumps-1400-percent"></a> since their launch on Jan. 11.
Trading volumes for the nine funds <a href="https://cointelegraph.com/news/new-nine-spot-bitcoin-etf-volumes-reach-new-high">topped $2.4 billion</a> on Feb. 26, beating the prior record of $2.2 billion set on their first trading day.
The figures on both days excluded volume from GBTC, which saw an outflow of $22.4 million on Feb. 26 and $125.6 million on Feb. 27, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">according</a> to preliminary data from Farside Investors.
Related: <a href="https://cointelegraph.com/news/gold-etfs-bleed-this-year-as-bitcoin-etfs-hit-record-volumes">Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes</a>
On Feb. 28, ETF Store President Nate Geraci posted a chart showing the diminishing share of Grayscale’s ETF volume compared to that of the others. 
<blockquote class="twitter-tweet">
 Nice look at GBTC vs non-GBTC spot bitcoin ETF cumulative flows… Also shows GBTC’s eroding share of $$$ trading volume. via <a href="https://twitter.com/Todd_Sohn?ref_src=twsrc%5Etfw">@Todd_Sohn</a> <a href="https://t.co/cCKiTEMvQ2">pic.twitter.com/cCKiTEMvQ2</a>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1762545600535441898?ref_src=twsrc%5Etfw">February 27, 2024</a>
</blockquote> 
Farside’s preliminary flow data shows the ETF’s combined net inflow at $574 million for Feb. 27, greater than the $520 million the day prior despite a larger outflow from Grayscale. 
BlackRock’s IBIT saw $520 million in net inflows, while Fidelity’s FBTC had $126 million. Bitwise’s fund was third, with $18.3 million of inflows.
Magazine: <a href="https://cointelegraph.com/magazine/jameson-lopp-spot-ethereum-etf-bitcoin-hall-of-flame/">Jameson Lopp: Skeptical of spot Ether ETFs, BTC price prediction dilemma: X Hall of Flame</a>

The ‘Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight day

Cointelegraph

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