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bitcoin spot ETFs (exchange-traded funds) hit a new all-time high in cumulative daily net inflows on February 28 and also broke a daily trading volume record as bitcoin price soared past $64,000 earlier of reducing profits.
Revenues of almost 677 million dollars reached the newInvestment products launched frequently, with five of the ten ETFs dominating.
iShares bitcoin Trust (IBIT) by BlackRock led the charge with $612.1 million, while the Fidelity Wise Origin bitcoin Fund and the Bitwise bitcoin ETF took second and third place with their inflows increasing to $245.2 million and $9.9 million, respectively.
ARK 21Stocks bitcoin ETF It attracted $23.8 million and the WisdomTree bitcoin ETF saw $2.2 million in inflows.
<img decoding="async" alt="bitcoin ETF: a high-risk bet for investors” src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-ETF-Market-Breaks-Two-Records-on-Same-Day-as”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-etf.jpg”/>bitcoin-etf.jpg” alt=”bitcoin ETF: a high-risk bet for investors”/>
The bitcoin ETF spot market has seen $7.4 billion in cumulative inflows since the investment products began trading in the United States on January 11. IBIT is responsible for the majority of cumulative inflows, with more than $7.15 billion as of February 28. It also helped the bitcoin ETF spot market set a new daily trading volume record yesterday.
However, these significant inflows have been dwarfed by the $7.8 billion that has gone out, mainly due to the huge sums transferred from GBTC since its conversion to a spot bitcoin ETF.
Total net inflows would have been higher if not for the significant outflows recorded by Grayscale bitcoin Trust (GBTC) on the same day. Funds continued to flow out of GBTC, with $216.4 million flowing out of the bitcoin Spot ETF.
The new record of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF trading volume is officially $7.69 billion. The 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 Break Trading Volume Record
The ten ETFs surpassed their previous daily trading volume record by more than one and a half times, recording volume of $7.69 billion on February 28, according to a post on X by Bloomberg ETF analyst James Seyffart.
BlackRock IBIT contributed 43.5% of the day's total volume, equivalent to approximately $3.35 billion. That's double its previous high.
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