Nine recently launched Bitcoin exchange-traded funds (ETFs) have experienced two consecutive days of high trading volumes, surpassing $2 billion each day. This surge in demand and interest has caught the attention of Bloomberg ETF analyst Eric Balchunas, who described it as “another intense volume day for the Nine.” Balchunas highlighted that BlackRock’s ETF achieved a new record daily volume of $1.3 billion, surpassing many large-cap US stocks. However, he expressed uncertainty about whether this trend is a new normal or a short-term burst related to algorithms or arbitrage. Balchunas also noted that BlackRock’s iShares Bitcoin Trust ETF (IBIT) had over 100,000 individual trades on February 27, a significant increase from the average daily trades of 30,000 to 60,000. The Fidelity Wise Origin Bitcoin Fund (FBTC) reached a daily volume of $578 million, while the ARK 21Shares Bitcoin ETF (ARKB) ranked third in terms of trade volume with $204 million. This marks the second consecutive day that these nine new ETFs have exceeded $2 billion in daily volume since their launch on January 11. On February 26, the trading volumes for these ETFs reached $2.4 billion, surpassing the previous record of $2.2 billion set on their first trading day. It is worth noting that these figures exclude the volume from the Grayscale Bitcoin Trust (GBTC), which experienced outflows of $22.4 million on February 26 and $125.6 million on February 27, according to preliminary data from Farside Investors. ETF Store President Nate Geraci shared a chart displaying the declining share of Grayscale’s ETF volume compared to that of the other ETFs on February 28. Farside’s preliminary flow data revealed that on February 27, the combined net inflow for these ETFs was $574 million, exceeding the $520 million from the previous day, despite a larger outflow from Grayscale. BlackRock’s IBIT had $520 million in net inflows, Fidelity’s FBTC had $126 million, and Bitwise’s fund had $18.3 million of inflows, ranking third.
Bitcoin ETFs in the 'Nine' category witness $2 billion in trading volume consecutively for the second day.