On February 27, 2024, the daily trading volume of nine spot Bitcoin ETFs in the United States exceeded $2 billion. Bloomberg analyst Eric Balchunas reported positive dynamics.
The expert noted the high interest in this investment product. Let us remind you that the day before, the daily trading volume for spot Bitcoin ETFs reached $2.4 billion.
“I don’t know if this is the norm or a short-term phenomenon associated with arbitrage and new algorithms,” Balchunas said.
At the same time, the majority of the volume came from IBIT from BlackRock - about $1.3 billion. The analyst said that this figure exceeds the indicators of most shares on the exchanges.
According to the data provided, the second place in terms of trading volume was taken by the Fidelity Wise Origin (FBTC) fund with $578 million, and the third place was taken by ARKB from Ark Invest and 21Shares with $204 million.
Notably, on February 27, BlackRock's IBIT spot Bitcoin ETF saw more than 100,000 individual trades. The average for this fund is between 30,000 and 60,000 per day, Balciunas said.
The above volume does not take into account data from Grayscale Bitcoin Trust (GBTC). On February 26, the outflow from this exchange-traded fund was $22.4 million, and on February 27 - $125.6 million.
Nate Geraci, president of the ETF Store consulting firm, pointed to a gradual decline in the share of GBTC volume compared to other investment products
According to Farside Investors, on February 27, cumulative net inflows from spot Bitcoin ETFs in the United States amounted to almost $580 million. Of this, $520 million came from IBIT, $126 million from FBTC and another $18.3 million from Bitwise's BITB.
