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Spot Bitcoin ETFs Hit Record $10 Billion In Trading Volume As Bitcoin Goes On A Rollercoaster Ride

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Spot Bitcoin ETF
Spot Bitcoin ETF

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Spot Bitcoin exchange-traded funds (ETFs) created a new record with $10 billion in trading volumes as BTC surged to a new all-time high above $69,000 before slumping.

BlackRock’s $IBIT ETF hit a new record with $788 million in inflows on March 5 followed by Fidelity’s FBTC with $125 million.

Despite Grayscale’s $322 million outflows, spot Bitcoin ETFs recorded a total net inflow of $648 million, which is the largest single-day inflow since launch on Jan. 11.

“These are bananas numbers for ETFs under two months old,” said Bloomberg ETF analyst, Eric Balchunas.

BlackRock’s IBIT ETF was the fourth-most traded ETF of all such investment vehicles in the US while the Grayscale Bitcoin Trust ETF was the seventh-most traded. The Proshares BTC Strategy ETF took the tenth position, according to Barchart data.

Grayscale Outflows Continue

Despite apparent high interest in spot BTC ETFs, Grayscale continues to post outflows, which have now hit $10 billion since launch.

However, the digital asset manager still has the same number of assets as it did when its ETF launched because of the surge in the Bitcoin price.

According to Balchunas, the “bull market subsidy” has seen Grayscale assets rise in value amid the recent Bitcoin gains. The trend has also seen Grayscale reap high revenues from its Bitcoin ETF given it has the highest fees.

Bitcoin Rallies to an All-Time High Before Swift Correction

The record ETF volumes coincided with Bitcoin’s rally to a new all-time high above $69,000.

However, the king of crypto failed to sustain the rally and plunged below $61,000.

The dip appears to have created a buying opportunity as BTC is trading in the green again. BTC price was trading at $67,518 at 03:41 EST.

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