Bitcoin ETF Volumes Skyrocket to New Daily High as BTC Approaches $55K

Trading volumes for the “new nine” Bitcoin exchange-traded funds (ETFs) reached a new daily record as Bitcoin surged to a high of $54,938 on Monday. On February 26, the trading volumes for these nine ETFs exceeded $2.4 billion, surpassing the previous record of $2.2 billion set on January 11, according to Bloomberg ETF analyst Eric Balchunas. The figures on both days did not include volume from Grayscale’s converted Bitcoin ETF product, the Grayscale Bitcoin Trust (GBTC). BlackRock’s IBIT had the highest volume on February 26, reaching $1.29 billion, setting its own daily record by about 30%. Fidelity’s FBTC came in second with $576 million. The ARK 21Shares (ARKB) and Bitwise (BITB) ETFs had flows of $276 million and $81 million, respectively. Balchunas mentioned that he wasn’t sure where the new interest came from but noted that volumes tend to be higher on the first day of the trading week. Fellow Bloomberg ETF analyst James Seyffart stated that February 26 was the second-largest trading day recorded at $3.2 billion when including flows from Grayscale’s Bitcoin ETF. Earlier in the day, when IBIT surpassed the $1 billion milestone, Balchunas noted that it had taken in the 11th largest volume among all ETFs. Meanwhile, Bitcoin’s price reached a two-year high of $54,938 on February 26, although it is still below its all-time high of $69,044 on November 10, 2021, according to CoinGecko data. According to BitMEX Research, over $583 million flowed into spot Bitcoin ETFs in the four-day trading week last week, although flow data for February 26 has not yet been reported. 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.