US Bitcoin ETFs Report Record $7.69 Billion Trading Volume

US Bitcoin exchange-traded funds (ETFs) achieved unprecedented trading volumes, hitting a remarkable $7.69 billion on Wednesday. This surge shattered previous records, highlighting a significant investor interest in cryptocurrency ETFs.

BlackRock's iShares Bitcoin Trust Leads Market Surge, Doubling Daily Record in Trading Volume

BlackRock’s iShares Bitcoin Trust (IBIT) dominated the market, capturing 43.5% of the total volume with $3.35 billion, effectively doubling its previous daily record. The Grayscale Bitcoin Trust (GBTC) followed closely with $1.86 billion in trading volume, while the Fidelity Wise Origin Bitcoin Fund (FBTC) secured the third position with $1.44 billion, also doubling its volume record.

GBTC and FBTC Combine to Drive 43% of Total Trading Volume as New Bitcoin ETFs Gain Rapid Traction

Analysts observed that the combined volumes of GBTC and FBTC accounted for about 43% of the total trading volume. Notably, nine new ETFs, excluding Grayscale’s, surpassed their previous record within half of the trading day, indicating significant market traction.

Bloomberg Analyst Dispels Speculations, Attributes Bitcoin ETF Volume Surge to Natural Demand

Contrary to speculations, Bloomberg analyst Eric Balchunas clarified that the surge in volume was primarily driven by natural demand rather than algorithmic or arbitrage trading. He noted that wirehouse platforms are considering adding these ETFs due to grassroots demand, suggesting a potential acceleration in adoption.

Bitcoin ETF Trading Volume Poised to Reach $10 Billion, Balchunas Forecasts, Amidst Continued Market Activity

Balchunas suggested that when considering Bitcoin futures ETFs like BITO, the total trading volume of BTC-related ETFs could approach $10 billion. Despite Bitcoin reaching a new two-year high of $64,000 before dropping to $60,000, market data indicates continued trading activity, with Bitcoin currently priced at $61,400.

Surge in US Bitcoin ETF Trading Volume Reflects Growing Interest Amid Regulatory Uncertainties

The surge in trading volumes for US Bitcoin ETFs signifies a growing interest and acceptance of cryptocurrency investment vehicles in traditional markets. However, analysts caution that while the momentum is significant, regulatory and market uncertainties may influence future performance.