Bitcoin hits $69,000, spot ETF trading volume reaches billions of dollars, setting a new historical high
As Bitcoin officially breaks through its all-time high, spot ETFs continue their strong performance in the recent period, with trading volumes of the top ten Bitcoin spot ETFs hitting a historic high.
Bitcoin Hits All-Time High! Bulls Liquidated Nearly $1.2 Billion After Rallying and then Slumping
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Bitcoin Spot ETF Hits Record High in Trading Volume
Data released by Bloomberg analyst Eric Balchunas shows that the trading volume of ten Bitcoin spot ETFs, excluding Hashdex, reached $10 billion overnight on the 5th day, setting a new historical high since the first day of trading on January 11th.
The data is as follows:
BlackRock: Approximately $4 billion
Grayscale: Approximately $2.5 billion
Fidelity: Approximately $2 billion
ARK: Approximately $400 million
Eric Balchunas pointed out that volatility and trading volume were both strong on the 6th day of trading, but he was surprised by the astronomical trading volume of the ETFs in less than two months, with IBIT, FBTC, BITB, and ARKB all reaching record-high trading volumes.
MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing prev record set last Wed.. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days. pic.twitter.com/rIdbhoYifV
— Eric Balchunas (@EricBalchunas) March 5, 2024
Multiple Futures ETFs Also Hit Record High Trading Volumes
The strong performance of spot ETFs also affected the trading volume of multiple futures and strategic ETFs:
2x Bitcoin Strategy ETF BITX: $22.92 million
ProShares Bitcoin Strategy ETF BITO: $24.88 billion
ProShares Short Bitcoin Strategy ETF BITI: $2.99 billion
Eric Balchunas believes that if even short ETFs are favored by users, then when 2x long and 2x short Bitcoin spot ETFs are introduced, they will also be welcomed to a certain extent. The huge spillover effect of spot ETFs on futures ETFs was something he did not anticipate.
