{"id":26945,"date":"2024-02-29T14:49:50","date_gmt":"2024-02-29T14:49:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion\/"},"modified":"2024-02-29T14:49:50","modified_gmt":"2024-02-29T14:49:50","slug":"spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion\/","title":{"rendered":"Spot Bitcoin ETFs shatter trading record with $7.69 billion"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/02\/bitcoin-coin-symbol-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/02\/bitcoin-coin-symbol-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/02\/bitcoin-coin-symbol-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/02\/bitcoin-coin-symbol-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Spot Bitcoin ETFs recorded a staggering $7.69 billion in trading volumes on February 28.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Top ETF volumes were with BlackRock\u2019s IBIT, Grayscale\u2019s GBTC and Fidelity\u2019s FBTC.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Bitcoin price also rose sharply on Monday, hitting highs of $64k before paring gains amid Coinbase network issues.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Relentless demand for the recently approved <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin-etf\/\">spot Bitcoin ETFs<\/a> has pushed the trading volumes to a new record.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On Wednesday, the US spot Bitcoin ETFs saw an incredible $7.69 billion in volume. According to market data tracking the performance of these products, Wednesday\u2019s huge trading volumes shattered the previous day\u2019s nearly 2x.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Leading the charge as has happened in recent weeks is BlackRock\u2019s iShares Bitcoin Trust (IBIT), with over $3.3 billion to account for nearly 44% of the total volume. <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-54900-as-blackrocks-ibit-trades-1b\/\">IBIT did more than $1.3 billion<\/a> on Monday.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Grayscale\u2019s Bitcoin Trust (GBTC) and Fidelity\u2019s Bitcoin Fund (FBTC) also hit past the billion milestone, recording $1.86 billion and $1.44 billion respectively.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IBIT<\/a> led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IBIT<\/a> alone &gt; <a href=\"https:\/\/twitter.com\/search?q=%24QQQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$QQQ<\/a>. <a href=\"https:\/\/t.co\/ZzB5PWXA4f\">pic.twitter.com\/ZzB5PWXA4f<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1762949129666199835?ref_src=twsrc%5Etfw\">February 28, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Commenting on the massive traction, ETF analyst Eric Balchunas noted that the upsurge seems to be organic and not catalysed by algorithmic or arbitrage trading. He noted on X:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201c<em>I asked around to some mkt makers and most say this volume is largely function of natural demand vs algo\/arb type volume. Word is wirehouse platforms are seriously looking at adding them soon. I\u2019m sure pressure is mounting for them. They like to see track record and get paid off but w grassroots demand like this they gonna have to expedite<\/em>.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The frenzy is also showing in the Bitcoin futures ETFs market, Balchunas noted. With BITO, BITX and BITI all up on volume, the total for the Bitcoin ETFs approached the $10 billion mark.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin price hits $64k<\/span><\/h2>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> has rallied since the SEC approved the spot Bitcoin ETFs in January, with the latest explosion sending the flagship cryptocurrency\u2019s value <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-64000-before-sharply-retreating-as-coinbase-crashes\/\">past the $64,000 level<\/a>. As Bitcoin\u2019s halving approaches, analysts say BTC price could soar to a new all-time high above $100k in 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400\">BTC traded around $62,570 on Thursday morning, up 5.3% in the past 24 hours and 22% in the past week.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/spot-bitcoin-etfs-shatter-trading-record-with-7-69-billion\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Spot Bitcoin ETFs recorded a staggering $7.69 billion in trading volumes on February 28. Top ETF volumes were with BlackRock\u2019s IBIT, Grayscale\u2019s GBTC and Fidelity\u2019s FBTC. Bitcoin price also rose sharply on Monday, hitting highs of $64k before paring gains amid Coinbase network [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":26946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26945"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=26945"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/26945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/26946"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=26945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=26945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=26945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}