Bitcoin ETFs surge to a record $7.7B in trading, doubling previous highs

Bitcoin ETFs in the US have set a new trading volume record of over $7.7 billion on February 28, surpassing the previous record of over $4.65 billion set on their launch day.

The ETF that contributed the most is BlackRock’s iShares Bitcoin ETF (IBIT). The ETF contributed 43.5% of the day’s total with $3.35 billion in trades, nearly matched the aggregate trading volume of all ten ETFs from the day before.

At the same time, trades totaling $1.44 billion were contributed by Fidelity Wise Origin Bitcoin Fund (FBTC) and $1.86 billion by Grayscale Bitcoin Trust (GBTC), respectively, doubling their prior records.

Throughout the first half of the trading day, nine new exchange-traded funds (ETFs) shattered their previous records for volume, which reached $5.8 billion by the end of the day.

Rather than algorithmic trading, actual investor interest drove the surge. At the same time as the volume peaked, Bitcoin’s value soared by more than 10% to a two-year high of $64,000.

However, it was later seen to slightly retract and trade above $62,000. With $216.4 million departing the fund in February, GBTC saw its largest outflow to date.