Nine newly launched Bitcoin exchange-traded funds (ETFs) have experienced a second consecutive day of high trading volumes, surpassing $2 billion. This surge in demand and interest has caught the attention of Bloomberg ETF analyst Eric Balchunas, who referred to it as “another intense volume day for the Nine.” Notably, BlackRock’s ETF achieved a record-breaking $1.3 billion in daily volume, surpassing the trading volume of most large-cap US stocks.
Balchunas expressed uncertainty about whether this level of trading activity is the new normal or a short-term burst related to algorithms or arbitrage. The iShares Bitcoin ETF (IBIT) from BlackRock saw over 100,000 individual trades on February 27, significantly higher than the average daily trades ranging from 30,000 to 60,000.
Other notable ETFs include the Fidelity Wise Origin Bitcoin Fund (FBTC) with a daily volume of $578 million and the ARK 21Shares Bitcoin ETF (ARKB) with a trade volume of $204 million, making it the third-highest ETF in terms of trading volume.
This marks the second consecutive day that the nine new ETFs have exceeded $2 billion in daily volume since their launch on January 11. On February 26, trading volumes for these ETFs reached $2.4 billion, surpassing the previous record of $2.2 billion set on their first trading day.
It is important to note that the figures for these two days do not include volume from the Grayscale Bitcoin Trust (GBTC), which experienced an outflow of $22.4 million on February 26 and $125.6 million on February 27, according to preliminary data from Farside Investors.
On February 28, a chart posted by ETF Store President Nate Geraci illustrated the decreasing share of Grayscale’s ETF volume compared to the others.
Preliminary flow data from Farside shows that on February 27, the combined net inflow for the ETFs was $574 million, surpassing the $520 million from the previous day, 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 ranked third with $18.3 million of inflows.
In related news, Jameson Lopp expressed skepticism about spot Ether ETFs, and there is ongoing discussion about the Bitcoin price prediction dilemma in the X Hall of Flame magazine.