9 BTC Spot ETFs Witness New Quantity File at $2.4 Billion

• The buying and selling volumes of spot BTC ETFs secured a brand new excessive of $2.4 billion on Tuesday, excluding Grayscale’s GBTC.
• Bitcoin broke above $56,000, making a two-year excessive.
• BlackRock’s spot BTC ETF (IBIT) recorded $1.29 billion in day by day buying and selling quantity.

The buying and selling volumes for the “new 9” spot Bitcoin exchange-traded funds (ETF) reached an all-time excessive of $2.4 billion on February 26, eclipsing the earlier report set on the primary buying and selling day, January 11. Nevertheless, the hovering figures exclude quantity from Grayscale’s Bitcoin ETF product (GBTC). 

The spike in buying and selling volumes coincided with Bitcoin’s meteoric rise, touching $56,660 on Monday—a two-year all-time excessive however nonetheless trailing the height of $69,044 reached on November 10, 2021, based on CoinMarketCap information.

As per distinguished analyst, Eric Balchunas, BlackRock’s iShares Bitcoin Belief (IBIT) dominated the market, recording $1.29 billion in buying and selling quantity on February 26—a staggering 30% enhance, setting its personal day by day report. Following carefully, Constancy’s FBTC secured the second place with $576 million in buying and selling quantity.

Notable inflows have been additionally reported from ARK 21Shares (ARKB) and Bitwise (BITB) ETFs, accumulating $276 million and $81 million, respectively.

Bloomberg ETF analyst James Seyffart, together with Balchunas, noticed the unprecedented quantity surge, with Seyffart noting that February 26 marked the second-largest buying and selling day at $3.2 billion when together with Grayscale’s Bitcoin ETF flows.

Balchunas instructed earlier on Monday that buying and selling volumes typically surge originally of the buying and selling week. Notably, IBIT’s achievement of surpassing the $1 billion milestone highlighted its place because the eleventh highest-volume ETF, a powerful feat on condition that BlackRock’s providing has ten different rivals.BitMEX information signifies that over $583 million flowed into spot Bitcoin ETFs through the earlier four-day buying and selling week (Feb 20 to 23).

The year-to-date inflows have now surpassed $5.5 billion, with IBIT, FBTC, ARKB, and BITB main the pack with $5.9 billion, $4 billion, $1.4 billion, and $1 billion in inflows, respectively. In distinction, GBTC skilled outflows of $7.4 billion.