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HomeMarketSpot Bitcoin ETFs shatter buying and selling file with $7.69 billion

Spot Bitcoin ETFs shatter buying and selling file with $7.69 billion


  • Spot Bitcoin ETFs recorded a staggering $7.69 billion in buying and selling volumes on February 28.
  • High ETF volumes had been with BlackRock’s IBIT, Grayscale’s GBTC and Constancy’s FBTC.
  • Bitcoin value additionally rose sharply on Monday, hitting highs of $64k earlier than paring positive aspects amid Coinbase community points.

Relentless demand for the just lately permitted spot Bitcoin ETFs has pushed the buying and selling volumes to a brand new file.

On Wednesday, the US spot Bitcoin ETFs noticed an unbelievable $7.69 billion in quantity. In accordance with market information monitoring the efficiency of those merchandise, Wednesday’s enormous buying and selling volumes shattered the day before today’s almost 2x.

Main the cost as has occurred in latest weeks is BlackRock’s iShares Bitcoin Belief (IBIT), with over $3.3 billion to account for almost 44% of the overall quantity. IBIT did greater than $1.3 billion on Monday.

Grayscale’s Bitcoin Belief (GBTC) and Constancy’s Bitcoin Fund (FBTC) additionally hit previous the billion milestone, recording $1.86 billion and $1.44 billion respectively.

Commenting on the huge traction, ETF analyst Eric Balchunas famous that the upsurge appears to be natural and never catalysed by algorithmic or arbitrage buying and selling. He famous on X:

I requested round to some mkt makers and most say this quantity is essentially perform of pure demand vs algo/arb sort quantity. Phrase is wirehouse platforms are severely including them quickly. I’m positive strain is mounting for them. They prefer to see observe file and receives a commission off however w grassroots demand like this they gonna must expedite.”

The frenzy can be exhibiting within the Bitcoin futures ETFs market, Balchunas famous. With BITO, BITX and BITI all up on quantity, the overall for the Bitcoin ETFs approached the $10 billion mark.

Bitcoin value hits $64k

Bitcoin value has rallied because the SEC permitted the spot Bitcoin ETFs in January, with the newest explosion sending the flagship cryptocurrency’s worth previous the $64,000 stage. As Bitcoin’s halving approaches, analysts say BTC value may soar to a brand new all-time excessive above $100k in 2024.

BTC traded round $62,570 on Thursday morning, up 5.3% previously 24 hours and 22% previously week.

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