- The spot Bitcoin ETF market in the US is showing positive dynamics.
- For the second day in a row, trading volume exceeded $2 billion.
- BlackRock’s IBIT set a new record of $1.3 billion in one day.
On February 27, 2024, daily trading volume for nine spot Bitcoin ETFs in the United States exceeded $2 billion. Bloomberg analyst Eric Balchunas reported positive dynamics.
The expert noted the high interest in this investment product. Let us remind you that the day before, the daily trading volume for spot Bitcoin ETFs reached $2.4 billion.
Nice look at GBTC vs non-GBTC spot bitcoin ETF cumulative flows…
Also shows GBTC’s eroding share of $$$ trading volume.
via @Todd_Sohn pic.twitter.com/cCKiTEMvQ2
— Nate Geraci (@NateGeraci) February 27, 2024
At the same time, most of the volume came from IBIT from BlackRock – about $1.3 billion. The analyst said this figure is higher than most stocks on the stock exchanges.
According to the data provided, the second place in terms of trading volume was taken by the Fidelity Wise Origin (FBTC) fund with $578 million, and the third place was taken by ARKB from Ark Invest and 21Shares with $204 million.
Notably, on February 27, BlackRock’s IBIT spot Bitcoin ETF saw over 100,000 individual trades.. The average for this fund is between 30,000 and 60,000 per day, Balciunas said.
Bitcoin BTCThe above volume does not take into account data from Grayscale Bitcoin Trust (GBTC). On February 26, the outflow from this exchange-traded fund was $22.4 million, and on February 27 – $125.6 million.
Nate Geraci, president of the ETF Store consulting firm, pointed to the gradual decline in GBTC’s share of volume compared to other investment products:
According to Farside Investors, on February 27, cumulative net inflows from spot Bitcoin ETFs in the United States amounted to almost $580 million.. Of this, $520 million comes from IBIT, $126 million from FBTC, and another $18.3 million from Bitwise’s BITB.
We previously wrote that cryptocurrency ETFs have accumulated over 300,000 BTC. For comparison, Tether holds 66,465 BTC on its balance sheet, and MicroStrategy holds 193,000 BTC in its portfolio.