Bitcoin ETF Market Breaks Two Records On The Same Day As Inflows And Volumes Surge With BlackRock Dominant

Updated: 29 February 2024

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Spot Bitcoin ETFs (exchange-traded funds) chalked up a new all-time high in net cumulative daily inflows on Feb. 28 and also smashed a record for daily trading volume as the Bitcoin price soared past $64k before paring gains.

Inflows of almost $677 million poured into the newly-launched investment products with five of the ten ETFs dominating.

BlackRock’s iShares Bitcoin Trust (IBIT) led the charge with $612.1 million, while the Fidelity Wise Origin Bitcoin Fund and the Bitwise Bitcoin ETF took second and third places with their inflows soaring to $245.2 million and $9.9 million, respectively.

ARK 21Shares’ Bitcoin ETF attracted $23.8 million and the WisdomTree Bitcoin ETF recorded $2.2 million in inflows.

The spot Bitcoin ETF market has recorded $7.4 billion in cumulative inflows since the investment products started trading in the U.S. on Jan. 11. IBIT is responsible for the majority of the cumulative inflows, seeing more than $7.15 billion as of Feb. 28. It also helped the spot Bitcoin ETF market set a new record for daily trading volume yesterday.

However, these substantial inflows have been clouded by the $7.8 billion that has flowed out, mainly due to the vast sums transferred out of GBTC since its conversion to a spot Bitcoin ETF.

The total net inflows would have been higher if it were not for the substantial outflows recorded by the Grayscale Bitcoin Trust (GBTC) on the same day. Funds continued to pour out of GBTC, with $216.4 million exiting the spot Bitcoin ETF.

The new record for #Bitcoin ETF trading volume is officially $7.69 billion. Previous record was $4.66 billion from launch day. https://t.co/rZsOSUqk35 pic.twitter.com/QaOKe2LuVU

— James Seyffart (@JSeyff) February 28, 2024

BlackRock’s IBIT Bitcoin ETF Helps Smash Trading Volume Record

The ten ETFs beat their previous record for daily trading volume by more than one and a half times, recording $7.69 billion in volume on Feb. 28, according to an X post by Bloomberg ETF analyst James Seyffart.

BlackRock’s IBIT contributed 43.5% of the total volumes for the day, which amounts to approximately $3.35 billion. That is double its previous high.