tl;dr
Summary Spot Bitcoin exchange-traded funds surpassed $10 billion in trading volume as Bitcoin's price reached a new all-time high of $69,000 only to crash 7% afterwards. Funds like IBIT, FBTC, BITB, and ARKB broke their personal records, with IBIT emerging as the fourth most traded among all ETFs....
Summary
Spot Bitcoin exchange-traded funds surpassed $10 billion in trading volume as Bitcoin's price reached a new all-time high of $69,000 only to crash 7% afterwards. Funds like IBIT, FBTC, BITB, and ARKB broke their personal records, with IBIT emerging as the fourth most traded among all ETFs. Grayscale's GBTC continues to see significant outflows, while ProShares Short Bitcoin Strategy ETF (BITI) broke its record by more than most.
* Spot Bitcoin exchange-traded funds witnessed trading volume surpassing $10 billion.
* Bitcoin reached its previous all-time high of $69,000, only to crash 7% after.
* Funds like IBIT, FBTC, BITB, and ARKB all broke their personal records.
US-listed spot Bitcoin exchange-traded funds (ETFs) experienced their most active day on Tuesday as BTC’s quest towards its all-time high took a sharp detour. The leading digital currency saw its price crash by 7% in the past 24 hours, as per data from CoinGecko, after surpassing the $69,000 milestone .
Notably, as pointed out by ETF analyst Eric Balchunas at Bloomberg Intelligence, the recently-approved ten ETFs collectively surged past $10 billion in trading volume during the session, surpassing the previous week’s record.
Funds including BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB, and ARKB—co-managed by Ark Invest and 21Shares—all broke their personal volume records.
On the other hand, Grayscale’s GBTC continues to witness significant outflows, as shared by Balchunas.
> $GBTC has seen almost $10b in outflows yet has the same amount of assets it did on launch day. Seems like magic, but it’s the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have left but who cares, revenue is still real).
Interestingly, BlackRock’s IBIT emerged as the fourth most traded among all ETFs, boasting a staggering $3.8 billion in volume, according to data from Barchart. IBIT also hit an asset under management (AUM) of $10.03 billion last week, overtaking the iShares Silver Trust (SLV), the world’s largest silver trust.
“These are bananas numbers for ETFs under 2 months old,” highlighted Balchunas while noting that the ProShares Short Bitcoin Strategy ETF (BITI) “blew away its record by more than most.” The Bloomberg analyst noted that BITI’s surge wasn’t a “surprise” considering “it is a short Bitcoin ETF.”
Earlier in February, the spot BTC ETFs broke their previous record of $4.69 billion by one and a half times, witnessing $7.69 billion being traded on February 28. However, the record was broken on Tuesday.
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