Bitcoin ETF Volumes Skyrocket as BTC Nears $55K, Setting New Daily High for ‘New Nine’ Spot

Trading volumes for the “new nine” Bitcoin exchange-traded funds (ETFs) reached a new daily record as Bitcoin surged to $54,938 on Monday. On February 26, the trading volumes for these ETFs exceeded $2.4 billion, surpassing the previous record of $2.2 billion set on January 11, according to Bloomberg ETF analyst Eric Balchunas. It’s worth noting that these figures do not include the volume from Grayscale’s Bitcoin ETF product, the Grayscale Bitcoin Trust (GBTC). BlackRock’s IBIT had the highest volume on February 26, reaching $1.29 billion, which set its own daily record by approximately 30%. Fidelity’s FBTC came in second with $576 million. The ARK 21Shares (ARKB) and Bitwise (BITB) ETFs saw flows of $276 million and $81 million, respectively. Balchunas mentioned that he wasn’t entirely sure where the new interest came from, but he did mention that trading volumes tend to be higher on the first day of the trading week. Bloomberg ETF analyst James Seyffart noted that February 26 was the second-largest trading day on record, reaching $3.2 billion when including flows from Grayscale’s Bitcoin ETF. Earlier in the trading day, when IBIT surpassed the $1 billion milestone, Balchunas pointed out that IBIT had the 11th largest volume among all ETFs. On the same day, Bitcoin’s price reached a two-year high of $54,938, although it remains below its all-time high of $69,044 on November 10, 2021, according to CoinGecko data. Last week, over $583 million flowed into spot Bitcoin ETFs in the four-day trading week, according to BitMEX Research. On February 21, a net outflow of $35.7 million was recorded, marking the first day without inflows since January 25. Year-to-date inflows have now surpassed $5.5 billion. IBIT, FBTC, ARKB, and BITB have seen the largest inflows of $5.9 billion, $4 billion, $1.4 billion, and $1 billion, respectively, while GBTC has experienced outflows of $7.4 billion.