BTC hits $68,000, Bitcoin ETF trading volume hits record high, assets surpass gold ETF by 50%

As Bitcoin approaches its all-time high, spot ETF trading volume continues to show strong performance, with the top ten Bitcoin spot ETFs reaching the second-highest trading volume in history.

Bitcoin ETF Achieves Second Largest Trading Volume

Data released by Bloomberg analyst Eric Balchunas shows that the trading volume of ten Bitcoin spot ETFs, excluding Hashdex, surpassed $5.5 billion on the evening of the 4th, marking the second largest trading volume since the first day of trading on January 11th.

The data is as follows:

• BlackRock: $24 billion

• Grayscale: $15 billion

• Fidelity: $10 billion

• ARK: $2.45 billion

• Bitwise: $1.63 billion

Among them, BlackRock's IBIT had a trading volume of $24 billion, with assets under management exceeding $11 billion, and the trading volume of the top 10 spot ETFs has grown by more than 30% in the past 6 days.

Confirmed: today was second biggest volume day for the Ten at about $5.5b. $IBIT alone did $2.4b of it and has crossed $11b in aum. Each of them is up over 30% in 6 days, which will prob help keep flow ball rolling. Getting a bit of ARK Mania deja vu. pic.twitter.com/BDRYVPBk34

— Eric Balchunas (@EricBalchunas) March 4, 2024

Grayscale Sells One-Third of Holdings

BitMEX Research pointed out that on March 4th, GBTC saw an outflow of approximately 5,450 Bitcoins, about $3.68 billion. As of January 11th, Grayscale held 202,874 Bitcoins, indicating a reduction of about 33% in Bitcoin holdings since the conversion to spot ETF.

5,450 Bitcoin of GBTC outflow today

Total GBTC outflow since 11th Jan 2024 is 202,874 Bitcoin

This is a decline in Bitcoin holdings by around 33% since ETF conversion https://t.co/2rdWsBd4j0

— BitMEX Research (@BitMEXResearch) March 4, 2024

Bitcoin ETF Reaches 50% of Gold ETF Size in Two Months

Bloomberg analyst Eric Balchunas stated that aside from BlackRock's IBIT, Fidelity and Bitwise saw net inflows of $400 million and $90.9 million, respectively.

He believes that the assets under management of the 10 Bitcoin ETFs may exceed $50 billion shortly after the opening on the 5th, taking less than two months for the assets to surpass half of the market value of gold ETFs.

Bitcoin ETF Shows Strong Performance, Bloomberg Analyst Bullish on Surpassing Gold ETF Size Within Two Years

Fidelity strong w/ +$400m today, it's biggest one day haul, Bitwise had 3rd best day.. Anything $IBIT brings is just padding the net net number. Throw in rally and the ten will likely hit $50b in aum tmrw. More than halfway to passing gold etfs less than two months in. https://t.co/jmgIPmwVNe

— Eric Balchunas (@EricBalchunas) March 5, 2024