- From February 26 to March 1, the trading volume in the sector of spot bitcoin-ETF amounted to $22 billion.
- On Friday, the indicator set the third highest value, said the expert Eric Balchunas.
From February 26 to March 1, 2024, the trading volume of spot bitcoin-ETFs amounted to $22 billion, Bloomberg Intelligence expert Eric Balchunas said.
Volume still elevated, altho not insane, for bitcoin ETFs…. today was third biggest day ever after Wed and Thur. All told $22b traded this week, about a month’s worth of volume in 5 days. $IBIT did over $1b every day. Will this subside or is this new normal here?
- Eric Balchunas (@EricBalchunas) March 1, 2024
According to him, the trading volume of the iShares Bitcoin Trust (IBIT) alone exceeded $1 billion daily. The expert did not provide data for March 1, but noted that it was the third largest day after February 28 and 29.
Recall that only on February 28, the trading volume approached $6 billion. It is the high demand for spot bitcoin-ETFs experts call one of the main reasons for the price hikes of the first cryptocurrency.
The SoSo Value platform has not yet updated the data on most of the funds. However, it is already noticeable that net inflows into the sector will be low due to high outflows from the Grayscale Bitcoin Trust ETF (GBTC) fund:
We previously reported that outflows from GBTC reached the second highest level. This can be explained by investors’ desire to lock in profits on the back of bitcoin’s surge.
