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British Bitcoin ETFs Break Daily Trading Record Amidst BTC Surge

Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETFs) have hit a fresh daily record as BTC surged to as high as $54,938 on Monday.

On February 26, trading volumes for the nine surpassed $2.4 billion, surpassing the previous record of $2.2 billion set on the inaugural trading day, January 11, according to data disclosed by Bloomberg ETF analyst Eric Balchunas.

The figures for both days excluded volume from Grayscale’s converted Bitcoin ETF product, the Grayscale Bitcoin Trust (GBTC).

BlackRock’s IBIT led the pack on February 26 with £1.29 billion, establishing its own daily record by approximately 30%, while Fidelity’s FBTC trailed at £576 million.

Flows from the ARK 21Shares (ARKB) and Bitwise (BITB) ETFs totalled £276 million and £81 million, respectively.

Balchunas remarked he wasn’t “totally sure” where the new interest stemmed from but highlighted that volumes typically surge on the first day of the trading week.

Fellow Bloomberg ETF analyst James Seyffart observed February 26 marked the second-largest trading day recorded at £3.2 billion when incorporating flows from Grayscale’s Bitcoin ETF.

Earlier in the trading session, when IBIT surpassed the £1-billion milestone, Balchunas pointed out that IBIT had secured the 11th largest volume among all ETFs.

“Insane number for newbie ETF (especially one with ten competitors). £1b/day is big boy level volume, enough for (even big) institutional consideration.”

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Meanwhile, Bitcoin’s price surged to £54,938 on February 26 — reaching a two-year high — although it still falls short of Bitcoin’s all-time peak of £69,044 on November 10, 2021, as per CoinGecko data.

Related: BlackRock’s Bitcoin ETF reaches top 0.2% of all ETFs so far this year

While flow data for February 26 is pending, over £583 million streamed into spot Bitcoin ETFs in the four-day trading week prior, as per BitMEX Research.

A net outflow of £35.7 million was recorded on February 21, marking the first day without inflows since January 25.

Year-to-date inflows have now surpassed £5.5 billion.

IBIT, FBTC, ARKB, and BITB have accumulated the most substantial inflows of £5.9 billion, £4 billion, £1.4 billion, and £1 billion, respectively, while GBTC has witnessed outflows of £7.4 billion.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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