Record-breaking $7.7B worth of Bitcoin ETF volumes traded, smashing previous records

Bitcoin exchange-traded funds (ETFs) in the United States have achieved a remarkable increase in trading volumes, surpassing the previous record by more than one and a half times. According to data from Bloomberg ETF analyst James Seyffart, the ten ETFs recorded a volume of $7.69 billion on February 28. This broke the previous record of $4.66 billion, which was set on the launch day of the funds on January 11. BlackRock’s iShares Bitcoin ETF (IBIT) accounted for 43.5% of the total volume, with $3.35 billion in trading volume, doubling its previous daily record. This volume is also equivalent to the total trading volume of all ten ETFs on February 27. The Grayscale Bitcoin Trust (GBTC) came in second place with a trading volume of $1.86 billion, while the Fidelity Wise Origin Bitcoin Fund (FBTC) took third place with $1.44 billion, doubling its volume record. The combined volumes of GBTC and FBTC make up approximately 43% of the total volume. Bloomberg analyst Eric Balchunas noted that the nine new ETFs, excluding Grayscale’s, surpassed their previous record within half a trading day. By the end of trading, they had doubled that volume record, reaching around $5.8 billion in volume. Balchunas also mentioned that the total number of trades between the ETFs exceeded half a million. This record-setting volume day coincided with Bitcoin’s rally of over 10% to reach a two-year high of $64,000. Although it retraced to as low as $60,000, it slightly recovered and was trading above $62,000 at the time of publication. On the other hand, GBTC experienced net outflows of $216.4 million on February 28, marking its highest outflow day since January 30 and the highest for February so far, according to preliminary data from Farside Investors.