TL;DR
- Yesterday, Bitcoin ETFs performed excellently, with a trading volume of $2.4 billion, excluding GBTC, which reported massive outflows of $7.4 billion.
- The surge in the price of Bitcoin to over $56,000 coincided with the increase in trading volume, highlighting renewed interest in the cryptocurrency. Leading ETFs, such as IBIT and FBTC, recorded significant trading volumes.
- In addition to the leading ETFs, others like ARKB and BITB also experienced notable investment flows, indicating growing interest from both institutional and retail investors in the crypto space.
Bitcoin has once again grabbed all the headlines. February 26, 2024, marked a milestone in the history of BTC ETFs, with a record trading volume reaching $2.4 billion. This remarkable amount does not include the volume of GBTC, making it even more impressive.
The surge in trading volume coincided with a rise in the price of Bitcoin, surpassing $56,000, reaching its highest point in two years. This resurgence in interest in BTC was also reflected in the impressive performance of BlackRock’s iShares Bitcoin Trust (IBIT), which recorded a daily trading volume of $1.29 billion. Not far behind IBIT, Fidelity’s ETF, FBTC, also showed strong performance with $576 million in trading volume.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
In addition to these market leaders, other Bitcoin ETFs also experienced significant investment flows. ARK 21Shares (ARKB) and Bitwise (BITB) reported notable inflows of $276 million and $81 million, respectively, demonstrating the increasing interest of institutional and retail investors in the crypto space.
As Bitcoin ETFs Gain Ground, Products Like GBTC Begin to Become Obsolete
IBIT’s success in surpassing the $1 billion mark in trading volume highlights its position as one of the most prominent BTC ETFs in the market. This achievement is especially notable given the competition it faces from other BlackRock products and the industry as a whole.
While some Bitcoin ETFs are experiencing positive flows, GBTC reported significant fund outflows, reaching $7.4 billion. This suggests a shift in investor preference towards more traditional ETFs rather than older products like GBTC.
