US exchange traded Bitcoin ETFs seem to be getting more popular right now. After the Bitcoin price rose to this year’s peak of $64,000.
By James Seyffart, an ETF analyst from Bloomberg Intelligence, it was revealed on February 29 (Thailand time) that the total trading volume (volume) of Bitcoin ETFs has now reached $7.7 billion.
Data shows that BlackRock’s Bitcoin ETF (IBIT) set a record for trading volume of $3.3 billion. This has been a record for three consecutive days. Data from Nasdaq showed that the number was almost three times the previous record.
This increase in trading volume makes IBIT the fourth most actively traded ETF in the United States, while three other Spot Bitcoin ETFs also break into the top 20.
This frenzy comes after the price of Bitcoin once again exceeded $60,000 since November 2021 and gradually rose to $64,000 before falling later. But it has resulted in the prices of altcoins in most markets increasing by almost 44% in one month.
Meanwhile, a report from BitMEX Research indicates that the Spot ETFs market has accelerated this week. This is evident from the fact that all 10 Bitocoin funds have seen over $6.7 billion in inflows since their launch, with BlackRock’s IBIT alone seeing over $520 million in inflows in just one day.
[1/4] Bitcoin ETF Flow – 27 February 2024
All data now in.
A net inflow of $576.8m on 27 February, a very strong day. Blackrock alone had an inflow of $520m
The total net inflow since 11 January 2024 is now $6,726.1m for the ETFs pic.twitter.com/E0zDBkzqxm
— BitMEX Research (@BitMEXResearch) February 28, 2024
Source: CoinDesk
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