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News

Total Spot Bitcoin ETF Trading Volume Surpasses $2.4 Billion Today

February 27, 2024 - Around 2 mins mins to read

Key Points:

  • Record $2.4 billion trading in nine Bitcoin ETFs, led by BlackRock’s $1.3 billion, signals strong investor interest.
  • Bloomberg analysts note increased spot Bitcoin ETF trading at week’s start, amid market volatility, suggesting rising Bitcoin appeal.
In a significant surge, the total trading volume of nine spot Bitcoin ETFs reached approximately $2.4 billion yesterday, marking a record high since their listing.
Total Spot Bitcoin ETF Trading Volume Surpasses $2.4 Billion Today

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

Spot Bitcoin ETF Trading Volume Reach $2.4 Billion

Bloomberg ETF analyst Eric Balchunas disclosed this data, noting a slight increase compared to the debut spot Bitcoin ETF trading day and doubling recent daily volumes. Leading the charge, BlackRock’s spot Bitcoin ETF dominated with a staggering $1.3 billion in trading. Balchunas highlighted that when Blackrock’s ETF, with the ticker IBIT, surpassed the $1-billion milestone, it ranked 11th among all ETFs and within the top 25 among stocks.

While the source of this newfound interest remains uncertain, Balchunas observed that trading volumes typically surge at the start of the trading week. Additionally, fellow Bloomberg ETF analyst James Seyffart noted that February 26 witnessed the second-largest trading day on record, amounting to $3.2 billion when incorporating flows from Grayscale’s Bitcoin ETF.

Bitcoin ETFs Amid Market Volatility

This surge in spot Bitcoin ETF trading volume, particularly the $1 billion milestone, underscores robust investor enthusiasm for Bitcoin amid ongoing market volatility and economic uncertainty. Investors, both institutional and retail, are increasingly turning to Bitcoin as a hedge against market fluctuations and as an alternative store of value.

In a related development, Carson Group, a prominent $30-billion registered investment advisor (RIA) platform, recently greenlit four spot Bitcoin ETFs, including offerings from BlackRock, Fidelity, Franklin Templeton, and Bitwise. These products are set to be accessible to financial advisors utilizing Carson Group’s services.

Monday’s market opening saw a sharp uptick in Bitcoin’s price, reaching highs not witnessed since December 2021, further underlining the cryptocurrency’s enduring appeal to investors seeking diversification and long-term value.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.