‘New Nine’ reaches record high as BTC approaches $55K

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On Monday, as Bitcoin (BTC) reached a high of $54,938, the trading volumes for the newly introduced nine spot Bitcoin exchange-traded funds (ETFs) set a new daily record.

On February 26, the trading volumes for the nine surpassed $2.4 billion, which is higher than the previous record of $2.2 billion achieved on the first trading day, January 11. This information was shared by Eric Balchunas, an ETF analyst at Bloomberg, on his Twitter account.

The data for both days did not include the amount from Grayscale’s transformed Bitcoin ETF offering, known as the Grayscale Bitcoin Trust (GBTC).

BlackRock’s IBIT also received the highest volume of $1.29 billion, surpassing its own daily record by approximately 30%. Following closely behind was Fidelity’s FBTC with $576 million.

In terms of ARK 21Shares (ARKB) and Bitwise (BITB) ETFs, there was a total of $276 million and $81 million in flows recorded.

As of today, the New Nine Bitcoin ETFs have achieved a new all-time high volume of $2.4 billion, surpassing their initial launch but almost twice their recent daily average.

$IBIT experienced a surge, contributing $1.3 billion to the total volume and setting a new record of 30%. Additionally, Eric Balchunas confirmed this news on Twitter on February 26, 2024.

According to Balchunas, the origin of the recent surge in interest is not entirely clear. However, he pointed out that trading volumes typically increase on the first day of the trading week.

During the course of the trading day, Balchunas observed that IBIT had reached the significant milestone of $1 billion and had ranked 11th in terms of trading volume among all ETFs.

The number of ETFs for beginners is astounding, especially when there are ten other competitors. A daily volume of $1 billion is a significant amount, reaching the level of major players and making it a viable option for institutional investors.

On February 26, 2024, the trading results for the 31st trading day of the Bitcoin ETF showed impressive volume numbers.

The total volume for the nine ETFs was around $2.35 billion, with $1,289 million for $IBIT, $817 million for $GBTC, $576 million for $FBTC, and $261 million for $ARKB. These numbers indicate a significant increase in volume, and the price action seems to reflect this as well.

The current trading day is showing strong activity, as seen in the chart here:

According to BitMEX Research, even though the flow data for Feb. 26 is not yet available, spot Bitcoin ETFs saw an influx of over $583 million during the four-day trading week last week.

On Feb. 21, there was a net outflow of $35.7 million, marking the first day without any inflows since Jan. 25.

As of present, the inflows for the year have surpassed $5.5 billion.

The top four cryptocurrencies, namely IBIT, FBTC, ARKB and BITB, have collectively received a significant amount of $5.9 billion, $4 billion, $1.4 billion and $1 billion in inflows. However, GBTC has experienced a total outflow of $7.4 billion.

For the second consecutive day, Bitcoin ETFs under ‘The Nine’ saw a trading volume of $2 billion.

Nine Bitcoin ETFs generate $2B volume

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