Bitcoin ETFs Break Another Record With Skyrocketing Daily Volumes
Highlights
- Bloomberg analyst Eric Balchunas says that only halfway through the trading day, the new nine Bitcoin ETFs broke their all-time daily volume record with a new number of $2.6 billion.
- Blackrock has now climbed to the fourth position for the overall ETF markets.
- Both ETF experts and proponents of cryptocurrencies agree that BTC ETFs are outperforming important trading indicators.
Bitcoin ETFs have smashed record after records due to the surge in demand. On Tuesday, the nine Bitcoin ETFs recorded a daily trading volume of $2.6 billion, setting another record with the highest daily trading volume.
Bitcoin ETFs Smash Another Daily Volume Record
Bloomberg analyst Eric Balchunas says that only halfway through the trading day, the new nine Bitcoin ETFs broke their all-time daily volume record with a new number of $2.6 billion. The previous record for the same stood at $2.4 billion.
Spot Bitcoin ETFs are enjoying a fantastic start to the week. They witnessed an inflow of $520 million on Monday and another significant inflow of $577 million on Tuesday. The massive inflow came when $520 million was invested in the BlackRock iShares Bitcoin ETF, helping to push the price of Bitcoin up to $60,000.
Spot Bitcoin exchange-traded funds witnessed a net inflow of $577 million (or 10,167.5 BTC) on February 27, according to data from BitMEX Research. This was the largest inflow since its debut, with all nine spot BTC ETFs recording massive trading volumes. However, Grayscale’s GBTC outflow increased again on Tuesday after dropping to $22.4 million the day before.
Also Read: Just In: Ark 21Shares Bitcoin ETF (ARKB) Adopts Chainlink Proof of Reserve
Blackrock Climbs to Top 4 in ETF Market
Balchunas further highlighted that Blackrock has now climbed to the fourth position for the overall ETF markets. Blackrocks Bitcoin ETF earlier stood at the seventh place in the entire market.
The increased trading activity of these BTC ETFs indicates that investor sentiment toward the asset is strengthening. This indicates that more and more investors are jumping on the ETF bandwagon. The original divide that existed between digital currencies and conventionally regulated markets has also been bridged thanks to the introduction.
Bitcoin ETF Outlook to Stay Positive
Both ETF experts and proponents of cryptocurrencies agree that BTC ETFs are outperforming important trading indicators. Future growth is anticipated in the market size and assets under management for BTC ETFs. The market now believes that all recently launched exchange-traded funds (ETFs) provide investors with strong short-term returns and long-term viability. Moreover, the projection for the market anticipates a substantially larger $10–$15 billion inflow into BTC Spot ETFs in 2024 than was initially anticipated.
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