Spot Bitcoin ETF trading volume approaches $6b

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On Feb. 28, 2024, buying and selling quantity for 9 spot Bitcoin (BTC) ETFs approached $6 billion.

The determine is greater than double the earlier excessive set on Feb. 26, when the buying and selling quantity was $2.4 billion, Bloomberg Intelligence analyst Eric Balchunas stated.

The iShares Bitcoin Belief (IBIT) fund from BlackRock stays the chief amongst spot Bitcoin ETFs. The buying and selling quantity for this place was $3.3 billion. In second place is Constancy Sensible Origin Bitcoin Fund (FBTC) from Fidelity Investments at $1.4 billion. Balchunas notes that each funds have doubled their earlier data. The whole variety of transactions additionally reached a formidable quantity of 500,000.

Nonetheless, Balchunas notes that many market makers would not have entry to identify Bitcoin ETF market.

ā€œI requested round to some mkt makers and most stated this quantity is essentially a perform of pure demand vs algo/arb sort quantity. Phrase is wirehouse platforms are significantly including them quickly. Iā€™m certain strain is mounting for them. They wish to see observe file and receives a commission off, however w grassroots demand like this they gonna need to expedite.ā€

Eric Balchunas, Bloomberg Intelligence analyst

In opposition to the backdrop of persistently excessive exercise within the spot Bitcoin ETF sector, the BTC fee has elevated considerably. Thus, on Feb. 28, the Bitcoin fee reached its highest since November 2021, touching $64,000, based on CoinMarketCap knowledge.

Amid the rally, Glassnode analysts said that traits in capital flows, change exercise, leverage in crypto derivatives, and institutional demand sign elevated threat urge for food amongst Bitcoin traders.

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