{"id":11064,"date":"2024-02-27T11:21:28","date_gmt":"2024-02-27T09:21:28","guid":{"rendered":"https:\/\/forklog.com\/en\/spot-bitcoin-etf-trading-volume-hits-record-2-4-billion\/"},"modified":"2024-02-27T11:21:28","modified_gmt":"2024-02-27T09:21:28","slug":"spot-bitcoin-etf-trading-volume-hits-record-2-4-billion","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/spot-bitcoin-etf-trading-volume-hits-record-2-4-billion\/","title":{"rendered":"Spot Bitcoin ETF Trading Volume Hits Record $2.4 Billion"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Trading volume of spot ETFs based on digital gold, excluding GBTC, reached a peak of $2.4 billion.<\/li>\n<li>BlackRock&#8217;s IBIT surged to $1.29 billion, making it attractive to institutional investors.<\/li>\n<li>Experts linked activity spikes in other products to high-frequency traders.<\/li>\n<\/ul>\n<\/div>\n<p>On February 26, trading turnover of GBTC&#8217;s competitors reached a peak of $2.4 billion since the SEC approved bitcoin ETFs. This figure nearly doubled the observed daily average.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a> went wild accounting for $1.3b of it, breaking its record by about 30%. <a href=\"https:\/\/t.co\/MiCs1rzttM\">pic.twitter.com\/MiCs1rzttM<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1762224483559977037?ref_src=twsrc%5Etfw\">February 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The previous record high was set on the first day of trading on January 11.<\/p>\n<p>Bloomberg analyst Eric Balchunas highlighted the performance of BlackRock&#8217;s IBIT, which set a new record by ~30% ($1.29 billion). Fidelity&#8217;s FBTC ($576 million) and ARK 21 Shares&#8217; ARKB ($276 million) took second and third place.<\/p>\n<p>The expert noted that IBIT&#8217;s &#8220;insane&#8221; figure is comparable to the trading volume of the top 25 stocks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">MILESTONE <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a> has traded $1b worth of shares today so far.. which ranks it 11th among all ETFs (Top 0.3%) and Top 25 among stocks. Insane number for newbie ETF (esp one w ten competitors). $1b\/day is big boy level volume, enough for (even big) institutional consideration. <a href=\"https:\/\/t.co\/1vxW5jhaXT\">pic.twitter.com\/1vxW5jhaXT<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1762202067886600473?ref_src=twsrc%5Etfw\">February 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;$1 billion a day is big boy level volume, enough for (even big) institutional consideration,&#8221;<\/em> explained Balchunas.<\/p>\n<\/blockquote>\n<p>On February 23, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-23\/ria-carson-group-greenlights-four-spot-bitcoin-etfs-for-retail-buyers\">Bloomberg<\/a> reported that the RIA platform Carson Group, with $30 billion AUM, approved investments in bitcoin ETFs from BlackRock, Fidelity, Bitwise, and Franklin Templeton. Similar moves from other institutions are expected in the future.<\/p>\n<p>Bloomberg&#8217;s analyst explained that &#8220;things are going great&#8221; not only for the &#8220;Godzilla-giant&#8221; [IBIT] but also for the rest of the &#8220;new nine.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BlackRock is Godzilla-big with massive distribution, a trusted brand and they are well known in trading world (dozens of their ETFs do over $200m\/day) so not surprising they breaking away in volume. That said, rest of New Nine are doing fine to outstanding, everyone gonna eat. <a href=\"https:\/\/t.co\/OC8HkyGxGr\">https:\/\/t.co\/OC8HkyGxGr<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1762255239678222824?ref_src=twsrc%5Etfw\">February 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a comment for <a href=\"https:\/\/www.theblock.co\/post\/279137\/spot-bitcoin-etf-volume-spike-maybe-due-to-high-frequency-trading-coinshares-says\">The Block<\/a>, CoinShares analysts linked the recent spike in trading activity in VanEck&#8217;s HODL, where the daily figure suddenly <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1759985608989032736\">jumped 1400% to $400 million<\/a>, to high-frequency trading activity.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We assume that some quantitative funds are conducting high-frequency intraday trades. Typically, they use futures but may switch to some ETFs,&#8221;<\/em> they reported.<\/p>\n<\/blockquote>\n<p>The publication noted that an abnormal jump\u2014from $33.1 million to $233 million\u2014also occurred in WisdomTree&#8217;s BTCW.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Latest Market Summary<\/strong><\/h2>\n<p>According to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\">SoSoValue<\/a>, on February 26, the total net inflow into exchange-traded funds based on the first cryptocurrency exceeded $6 billion. From January 26 to February 20, there was a net inflow for 17 consecutive days.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-928.webp\" alt=\"1-928\" class=\"wp-image-226859\"\/><figcaption class=\"wp-element-caption\">Data: sosovalue.xyz.<\/figcaption><\/figure>\n<p>BitMEX Research noted a slowdown in outflows from GBTC to a minimum of $44 million since January 11.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin ETF Flow \u2014 24 Feb 2024<\/p>\n<p>All data now in, except perhaps for the Galaxy\/Invesco product<\/p>\n<p>Friday was a strong day, with +$232.3m of net inflow. Also, the outflow for GBTC was just $44m, lowest level since 11th Jan <a href=\"https:\/\/t.co\/1Q0OtjEJLt\">pic.twitter.com\/1Q0OtjEJLt<\/a><\/p>\n<p>\u2014 BitMEX Research (@BitMEXResearch) <a href=\"https:\/\/twitter.com\/BitMEXResearch\/status\/1761307758173851758?ref_src=twsrc%5Etfw\">February 24, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/farside.co.uk\/?p=997\">Farside<\/a> visually presented the cumulative historical dynamics of spot bitcoin ETFs.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-721.webp\" alt=\"2-721\" class=\"wp-image-226860\"\/><figcaption class=\"wp-element-caption\">Data: Farside.<\/figcaption><\/figure>\n<p>Active demand for exchange-traded funds has been one of the drivers of digital gold&#8217;s rise to $56,000.<\/p>\n<p>Earlier, Kaiko analysts concluded that the launch of spot ETFs positively impacted bitcoin&#8217;s order book liquidity and its ability to trade at stable prices.<\/p>\n<p>CoinShares reported that inflows into cryptocurrency investment products from February 17 to 23 amounted to $598 million following a record $2.45 billion in the previous reporting period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trading volume of spot ETFs based on digital gold, excluding GBTC, reached a peak of $2.4 billion. BlackRock&#8217;s IBIT surged to $1.29 billion, making it attractive to institutional investors. Experts linked activity spikes in other products to high-frequency traders. On February 26, trading turnover of GBTC&#8217;s competitors reached a peak of $2.4 billion since the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,865,569,1214,1156,1150,1138],"class_list":["post-11064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blackrock","tag-etf","tag-grayscale-bitcoin-trust","tag-institutional-investors-and-whales","tag-news-plus","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11064"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11063"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}