#write2earn Surging Trading Volumes: U.S. #BitcoinETF s Break Records #ETF #bitcoin #bullRun
$BTC
Trading volumes for the recently launched U.S. Bitcoin ETFs have surged to a new peak, more than doubling their previous high just days ago.
The United States spot Bitcoin exchange-traded funds (ETFs) have broken their own record for daily trading volumes, surpassing the previous milestone by over one and a half times.
On February 28, the ten ETFs collectively recorded a trading volume of $7.69 billion, as reported by Bloomberg ETF analyst James Seyffart.
This volume surge eclipses the previous record of $4.66 billion, which was observed on the launch day of these funds on January 11.
BlackRock's iShares Bitcoin ETF (IBIT) led the charge, accounting for 43.5% of the total volume, with $3.35 billion in trading volume, doubling its previous daily record. Remarkably, this figure is roughly equivalent to the total trading volume of all ten ETFs combined on the preceding day, February 27.
The Grayscale Bitcoin Trust (GBTC) came in second place with $1.86 billion in trading volume, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $1.44 billion, doubling its volume record.
The combined volumes of GBTC and FBTC represent approximately 43% of the total trading volume.
According to Bloomberg analyst Eric Balchunas, the nine new ETFs, excluding Grayscale's, surpassed their previous record in just half a trading day. By the end of trading, they had doubled that volume record, reaching approximately $5.8 billion.
Balchunas also noted that the total number of trades doubled as well, exceeding half a million individual trades. Market makers attributed the surge in volume to "natural demand" rather than algorithmic or arbitrage trading.
This record-breaking volume day coincides with Bitcoin's rally of over 10%, reaching an over two-year high of $64,000. Although it retraced to as low as $60,000, it slightly recovered to trade above $62,000 at the time of reporting.
