Spot Bitcoin ETFs record $10 billion in daily volume, breaking previous record

Spot Bitcoin ETFs have continued their record-breaking performance this week, recording over $10 billion in volume on March 5 — the highest since their launch in January.

The previous record was set on Feb. 28, when the ETFs recorded a collective trading volume of approximately $7.7 billion.

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IBIT, FBTC retain the lead

Three spot Bitcoin ETFs made up most of the total volume. Trading closed with net inflows of $109.86 million across all ETFs.

BlackRock’s iShares Bitcoin Trust (IBIT) was responsible for about $4 billion in volume on March 5, while the Fidelity Wise Origin Bitcoin Trust (FBTC) made up roughly $2 billion. Grayscale’s Bitcoin Trust (GBTC) recorded $3 billion in daily volume.

Bloomberg ETF analyst Eric Balchunas wrote on X:

“These are bananas numbers for ETFs under 2 [months] old.”

Earlier in the day, Balchunas predicted that spot Bitcoin ETFs would likely surpass their previous record as the total volume reached $6 billion around 7:53 pm UTC.

Individual ETFs break records

Balchunas noted that IBIT, FBTC, BITB, and ARKB all experienced record daily volumes.

He also observed exceptional performance among several non-spot ETFs that allow for strategic investment. BetaPro Inverse Bitcoin ETF (BITI), the ProShares Bitcoin Strategy ETF (BITO), and 2x Bitcoin Strategy ETF (BITX) all saw record volumes.

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Several Bitcoin ETFs were among the most active ETFs in general. Data from Barchart indicates that IBIT and the BITO topped the list, surpassing the S&P 500 ETF Trust (SPY) and the Nasdaq QQQ Invesco ETF (QQQ). GBTC and FBTC also ranked among the top ten ETFs by volume.

The Newborn Nine’s remarkable performance has been a critical driver of Bitcoin’s recent price surge as demand outpaces supply. The flagship crypto hit a new all-time high before the halving for the first time in its history.

All volumes coincide with Bitcoin (BTC) prices reaching new highs. BTC briefly touched $69,324 on March 5, surpassing its November 2021 all-time high of $69,044, before a brutal price correction.

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Author: Mike Dalton

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