Bitcoin ETF Trading Volumes Double At $6 Billion, $70,000 BTC Price Coming?

Highlights

The nine Bitcoin ETFs combined, recorded daily trading volumes of $6 billion.
Analyst Eric Balchunas noted that the entire demand is organic.
Bitcoin (BTC) price rallied all the way to $64,000 before slowing down a bit.

The trading volumes of the recently introduced Bitcoin ETFs have experienced an unprecedented surge this week, reaching new milestones with each passing day. Specifically, on Wednesday, February 28, the collective daily trading volumes of all nine bitcoin ETFs saw an astounding 100% surge.

Bitcoin ETFs Trading Volumes Shoot $6 Billion

Eric Balchunas, a renowned ETF strategist at Bloomberg, disclosed remarkable figures for the New Nine ETFs, indicating a doubling of their volume record. With approximately $6 billion traded, this surge surpassed their previous record set just the day before. Leading the pack, BlackRock’s $IBIT saw $3.3 billion in trading volume, while Fidelity recorded $1.4 billion, both doubling their previous records. Impressively, the total number of trades also doubled, surpassing half a million individual transactions among them.

Moreover, when factoring in $GBTC, the Ten ETFs collectively shattered the old record, which dates back to their inception, reaching nearly $8 billion in trading volume. Including Bitcoin futures ETFs like $BITO, referred to as the Bitcoin ETF Complex, the total trading volume soared over $10 billion. Balchunas highlighted the trajectory since the launch of $BITO in 2021.

RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. $IBIT led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. $IBIT alone > $QQQ. pic.twitter.com/ZzB5PWXA4f

— Eric Balchunas (@EricBalchunas) February 28, 2024

In discussions with market makers, Balchunas found that this surge in volume primarily stems from organic demand rather than algorithmic or arbitrage-driven trading. He noted that wirehouse platforms are reportedly contemplating adding these ETFs to their offerings, with growing pressure to do so. While these platforms typically seek established track records and incentives, the burgeoning grassroots demand may expedite their inclusion.

The Bitcoin price rallied all the way to $64,000 on Wednesday, before slowing down a bit. The Bitcoin trading volume has also shot up by 116% in the last 24 hours to $88 billion. If this euphoria continues, the new Bitcoin all-time high won’t be far away.

Morgan Stanley to Add BTC ETF Products

Sources familiar with the matter said that banking giant Morgan Stanley is currently conducting thorough due diligence to potentially integrate spot Bitcoin ETF products into its brokerage platform. The move comes as Morgan Stanley, a major U.S. broker-dealer platform, explores the possibility of offering spot Bitcoin ETFs to its clientele following the SEC’s approval of such products in January.

While significant investments have already flowed into these products, the widespread adoption may hinge on their availability through large registered investment advisor (RIA) networks and brokerage platforms associated with major firms like Merrill Lynch, Morgan Stanley, and Wells Fargo, among others.

Morgan Stanley holds a solid track record in alternative investments and private markets, boasting over $150 billion in assets under management. Furthermore, it has been at the forefront of providing access to Bitcoin for its affluent clients.

In 2021, the bank made headlines by becoming the first major U.S. bank to offer exposure to Bitcoin funds to its wealth management clients. This move was confirmed during Morgan Stanley’s first-quarter earnings call in April 2021, where they announced the availability of bitcoin exposure through external crypto funds

TAGS
Bitcoin ETF

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.