On February 28, US Bitcoin exchange-traded funds (ETFs) reached a remarkable milestone, with daily trading volumes breaking previous records.
The Grayscale Bitcoin Trust (GBTC) came in second with $1.86 billion in trading volume, closely followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which had $1.44 billion. Together, GBTC and FBTC accounted for around 43% of total trading activity.
According to Bloomberg ETF analyst James Seyffart, the combined trading volume of ten ETFs reached $7.69 billion, breaking the previous record of $4.66 billion established on their launch day, January 11. Notably, BlackRock’s iShares Bitcoin ETF (IBIT) contributed 43.5% of the entire volume of $3.35 billion.
According to Bloomberg analyst Eric Balchunas, after half a trading day, the nine new ETFs, excluding Grayscale, smashed their previous volume records.
By the end of trading, these ETFs had a combined volume of almost $5.8 billion, twice their previous record. Balchunas also saw a doubling in total deals, with more than half a million individual transactions.
Read also: Spot Bitcoin ETFs Hit Record-Breaking Trading Volume of $7.7 Billion
