Spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw their trading volumes surge on Wednesday as the price of Bitcoin moved to surpass the $64,000 mark before correcting, in a trading session with over $7.7 billion in volume.
BlackRock’s IBIT spot Bitcoin ETF shattered its own record for the third consecutive day, with over 96 million shares – valued at roughly $3.3 billion – changing hands. This surpassed Tuesday’s all-time high of $1.35 billion, which itself had eclipsed Monday’s record.
The combined trading volume of the ten recently launched spot Bitcoin ETFs reached $7.7 billion, demolishing the previous record of $4.7 billion set on their debut in January.
Both Grayscale’s Bitcoin Investment Trust (GBTC) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) surpassed the $1 billion mark in individual volume amid the trading frenzy.
The frenzy reached a point where IBIT briefly became the fourth most traded ETF in the U.S. during the day, with three other spot Bitcoin ETFs making it into the top 20, according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
Market analysts attribute a significant portion of Bitcoin’s price surge to demand for the newly launched spot Bitcoin ETFs. Since their launch in January, the ten ETFs have collectively attracted over $6.7 billion in net inflows.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/29/
