Monday, April 22, 2024

‘New nine’ Spot Bitcoin ETF volumes reach new daily high as BTC nears $55K

Buying and selling volumes for the “new 9” spot Bitcoin exchange-traded funds (ETF) have notched a brand new every day file as Bitcoin (BTC) surged as excessive as $54,938 on Monday. 


Buying and selling volumes for the 9 topped $2.4 billion on Feb. 26, beating the prior file of $2.2 billion set on the primary buying and selling day — Jan. 11, according to information shared by Bloomberg ETF analyst Eric Balchunas.

The figures on each days excluded quantity from Grayscale’s transformed Bitcoin ETF product (GBTC).

BlackRock’s IBIT took in probably the most quantity on Feb. 26 with $1.29 billion — setting its personal every day file by about 30% — whereas Constancy’s FBTC got here in second at $576 million.

Flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs tallied $276 million and $81 million respectively.

Balchunas mentioned he wasn’t “completely positive” the place the brand new curiosity got here from, however famous volumes are typically heightened on the primary day of the buying and selling week.

Fellow Bloomberg ETF analyst James Seyffart noted Feb. 26 was the second largest buying and selling day recorded at $3.2 billion when together with flows from Grayscale’s Bitcoin ETF.


Earlier within the buying and selling day, when IBIT surpassed the $1 billion milestone, Balchunas famous that IBIT had taken within the eleventh largest quantity amongst all ETFs.

“Insane quantity for amateur ETF (esp one w ten rivals). $1b/day is large boy degree quantity, sufficient for (even large) institutional consideration.”

In the meantime, Bitcoin’s worth spiked as excessive as 54,938 on Feb. 26 — marking a two-year all-time high — although it’s nonetheless shy of Bitcoin’s all-time excessive of $69,044 on Nov. 10, 2021, in response to data from CoinGecko.

Associated: BlackRock’s Bitcoin ETF reaches top 0.2% of all ETFs so far this year

Whereas stream information hasn’t are available for Feb. 26, over $583 million flowed into spot Bitcoin ETFs within the four-day buying and selling week final week, according to BitMEX Analysis.

A web outflow of $35.7 million was recorded on Feb. 21 — which marked the primary day with out inflows since Jan. 25.

12 months-to-date inflows have now exceeded $5.5 billion.

IBIT, FBTC, ARKB and BITB have tallied the biggest inflows of $5.9 billion, $4 billion, $1.4 billion and $1 billion respectively, whereas GBTC has seen outflows of $7.4 billion.

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