Spot Bitcoin ETF Surpasses $10 Billion in Daily Volume, Breaking Records

ETF performance coincided with BTC hitting a new all-time high.

This week, the Spot Bitcoin ETF continued its record-breaking performance, achieving over $10 billion in trading volume on March 5, the highest since its launch in January.Bitcoin Miner

The previous record was set on Feb. 28, when the ETF’s total trading volume was $7.7 billion.

IBIT, FBTC Hold Leadership Position

Three spot bitcoin ETFs accounted for the bulk of the total trading volume. By the end of trading, all ETFs had net inflows of $109.86 million.

BlackRock’s iShares Bitcoin Trust ( IBIT ) traded around $4 billion on March 5, while Fidelity Wise Origin Bitcoin Trust ( FBTC ) traded around $2 billion. grayscale’s Bitcoin Trust ( GBTC ) had $3 billion in daily volume.

Source: Bloomberg, Eric Balchunas

Eric Balchunas, Bloomberg ETF analyst, writes on X:

“For an ETF that is less than 2 months old, these numbers are insane.”

Earlier in the day, Balchunas predicted spot bitcoin ETFs could surpass previous records as total trading volume hit $6 billion around 7:53 p.m. UTC.

Individual ETFs Set Records Whatsminer Miner

Balchunas noted that IBIT, FBTC, BITB and ARKB all set daily trading volume records.

He also observed that a number of non-spot ETFs that allow for strategic investing have performed exceptionally well. the BetaPro Inverse Bitcoin ETF (BITI), the ProShares Bitcoin Strategy ETF (BITO), and the 2x Bitcoin Strategy ETF (BITX) all traded at all-time highs.

Overall, several Bitcoin ETFs are among the most active ETFs. barchart’s data shows that IBIT and BITO topped the list, outpacing the S&P 500 ETF Trust (SPY) and the Nasdaq QQQ Invesco ETF (QQQ). GBTC and FBTC also ranked among the top 10 ETFs by volume.

The stellar performance of the nine new ETFs has been a key driver of Bitcoin’s recent price surge, as demand has outpaced supply. The flagship cryptocurrency hit its first-ever all-time high just before it was halved.

All trading volumes coincided with record high prices for Bitcoin (BTC).BTC touched $69,324 at one point on March 5, surpassing its November 2021 all-time high of $69,044, before experiencing a severe price pullback.