Bitcoin ETFs in the ‘Nine’ spot maintain $2B trading volume for second consecutive day.

Nine recently launched Bitcoin exchange-traded funds (ETFs) have experienced another day of high trading volumes, surpassing $2 billion for the second consecutive day. Bloomberg ETF analyst Eric Balchunas described it as a “intense volume day” for the new ETFs, excluding the converted Grayscale Bitcoin Trust (GBTC). BlackRock’s ETF set a new record with a daily volume of $1.3 billion, exceeding the volume of most large-cap US stocks. Balchunas questioned whether this was a new normal or a short-term burst related to algorithms or arbitrage. The iShares Bitcoin Trust ETF (IBIT) from BlackRock saw over 100,000 individual trades on February 27, compared to an average of 30,000 to 60,000 daily trades. The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded a daily volume of $578 million, while the ARK 21Shares Bitcoin ETF (ARKB) ranked third with a trade volume of $204 million. 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, the trading volumes for the nine funds reached $2.4 billion, surpassing the previous record of $2.2 billion set on their first trading day. The figures on both days do not include volume from GBTC. Preliminary data from Farside Investors shows that GBTC experienced an outflow of $22.4 million on February 26 and $125.6 million on February 27. ETF Store President Nate Geraci shared a chart showing the declining share of Grayscale’s ETF volume compared to the others. According to preliminary flow data from Farside, the combined net inflow for the ETFs on February 27 was $574 million, higher than the $520 million the day before, despite a larger outflow from Grayscale. BlackRock’s IBIT had $520 million in net inflows, while Fidelity’s FBTC had $126 million. Bitwise’s fund ranked third with $18.3 million of inflows.