- Spot Bitcoin ETFs saw over $3 billion in combined trading volume on Monday, breaking the previous one-day volume record by nearly $1 billion. BlackRock’s spot Bitcoin ETF led with over $1.3 billion in volume.
- This surge in ETF demand comes as Bitcoin’s price has rallied 5% in the last 24 hours. Contributing factors include increased crypto investment inflows and endorsements from MicroStrategy and former President Trump.
- As Bitcoin maintains support above $50,000, interest in gaining exposure through spot ETFs has skyrocketed. Continued upside price momentum could fuel further demand for these convenient investment vehicles.
Bitcoin and other cryptocurrencies have seen a resurgence in 2024. As investor interest in digital assets grows, a new way to gain exposure has emerged – the spot Bitcoin ETF. These exchange-traded funds track the price of Bitcoin, allowing both institutional and retail investors to conveniently invest in the world’s largest cryptocurrency.
Trading Volumes Break Records
On Monday, February 26th 2024, the combined trading volume of all spot Bitcoin ETFs surpassed $3.24 billion. This breaks the previous one-day volume record set earlier in 2024 by just under $1 billion.
The ETF leading the pack was BlackRock‘s spot Bitcoin ETF, which saw over $1.3 billion in trading volume on Monday alone. Other major ETFs like Grayscale and Fidelity also saw hundreds of millions in daily volume. At the end of trading on Monday, here is how the daily trading volumes stacked up for each major spot Bitcoin ETF:
- BlackRock – $1,318,226,580
- Grayscale – $843,654,199
- Fidelity – $587,327,032
- Ark Invest – $265,647,305
- Bitwise – $83,248,930
- Invesco – $60,072,480
- WisdomTree – $37,426,253
- VanEck – $23,984,634
- Franklin – $21,911,626
- Valkyrie – $6,938,398
- Hashdex – $2,170,096
Bitcoin Price Surge Fuels ETF Demand
This surge in spot Bitcoin ETF demand comes as Bitcoin’s price has rallied over 5% in the last 24 hours. Contributing factors include increased crypto investment inflows, another BTC purchase by Michael Saylor’s MicroStrategy, and even a Bitcoin endorsement from former President Trump.
As Bitcoin continues to establish support above $50,000, interest in gaining exposure through these spot ETFs has skyrocketed. It will be important to continue tracking the price of Bitcoin and daily trading volumes of these ETFs throughout the week to see just how high this renewed wave of interest will take Bitcoin.
Conclusion
The massive trading volumes seen on Monday highlight the growing mainstream adoption of Bitcoin and other digital assets. As investors increasingly look to gain exposure through convenient investment vehicles like spot Bitcoin ETFs, it is likely demand will continue to surge – especially if Bitcoin can maintain its upside price momentum. The crypto market is heating up in 2024, and Bitcoin is once again leading the charge.
