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Spot Bitcoin ETF trading volume approaches $6b
On Feb. 28, 2024, trading volume for nine spot Bitcoin (BTC) ETFs approached $6 billion.
The figure is more than double the previous high set on Feb. 26, when the trading volume was $2.4 billion, Bloomberg Intelligence analyst Eric Balchunas said.
The iShares Bitcoin Trust (IBIT) fund from BlackRock remains the leader among spot Bitcoin ETFs. The trading volume for this position was $3.3 billion. In second place is Fidelity Wise Origin Bitcoin Fund (FBTC) from Fidelity Investments at $1.4 billion. Balchunas notes that both funds have doubled their previous records. The total number of transactions also reached an impressive volume of 500,000.
However, Balchunas notes that many market makers do not have access to spot Bitcoin ETF market.
Against the backdrop of consistently high activity in the spot Bitcoin ETF sector, the BTC rate has increased significantly. Thus, on Feb. 28, the Bitcoin rate reached its highest since November 2021, touching $64,000, according to CoinMarketCap data.
Amid the rally, Glassnode analysts said that trends in capital flows, exchange activity, leverage in crypto derivatives, and institutional demand signal increased risk appetite among Bitcoin investors.