Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Sets New Records

The demand for spot Bitcoin ETFs continues to stay on the peak as all nine spot Bitcoin ETFs mixed clocked $2 billion in buying and selling volumes for the second consecutive day in a row on Tuesday, February 27.

Bitcoin ETFs Buying and selling Volumes Soar

Bloomberg’s ETF strategist Eric Balchunas famous one other day of serious buying and selling quantity for the 9, surpassing $2 billion. Notably, $IBIT set a brand new private report with $1.3 billion in buying and selling quantity, exceeding the every day commerce quantity of most large-cap US shares. Balchunas contemplated whether or not this surge in quantity is indicative of a brand new regular or a short-term phenomenon pushed by algorithmic buying and selling or arbitrage actions.

One other intense quantity day for the 9 with properly over $2b traded. $IBIT broke its private report once more w/ $1.3b (for context that is greater than most massive cap US shares commerce). I do not know if this can be a new regular or some sort of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r

— Eric Balchunas (@EricBalchunas) February 27, 2024

Moreover, Balchunas discovered it noteworthy that BlackRock’s $IBIT skilled over 100,000 particular person trades, a considerable improve from its typical buying and selling exercise of 30,000 to 60,000 trades per day main as much as Tuesday. Regardless of preliminary hypothesis that the surge in quantity was on account of pent-up demand following the Presidents Day weekend, buying and selling exercise remained elevated, difficult this principle.

Alternatively, the Grayscale Bitcoin ETF GBTC has as soon as once more witnessed a surge in outflows after slowing down earlier this week. Additionally, on Tuesday, GBTC recorded $125 million in complete outflows taking the full determine of outflows to over $7.5 billion ever because the ETF approval final month.

Though GBTC stands out as the biggest and most continuously traded amongst its counterparts, its administration payment of 1.5% renders it the most expensive choice accessible. In distinction, the vast majority of its friends charge fees under 0.3%, making them extra economical alternate options.

BTC Value Motion

After a robust rally earlier on Monday, the Bitcoin worth is hovering near $57,000 as of now. Nevertheless, on-chain indicators proceed to indicate energy as whale accumulation continues over the previous week.

In a latest evaluation, crypto analyst Ali Martinez revealed a big outflow of Bitcoin (BTC) from cryptocurrency exchanges, with a staggering 76,670 BTC withdrawn prior to now month alone. This motion quantities to a complete worth exceeding $3.45 billion. Martinez emphasised the urgency for buyers to safe their share of Bitcoin earlier than the accessible provide diminishes additional.

The BTC worth has remained regular at round $57,000 not giving as much as the promoting stress. Ali Martinez estimates that roughly $300 million in liquidations will happen throughout numerous platforms if Bitcoin experiences a decline to $55,900.

Round $300 million shall be liquidated throughout the board if #Bitcoin drops to $55,900! pic.twitter.com/GSuNue0beo

— Ali (@ali_charts) February 27, 2024

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Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

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