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Bitcoin ETFs Smash $10B Trading Volume Record Amid Wild BTC Price Action

Last week's volume record coincided with strong ETF inflows, but Tuesday's action could indicate heavy profit-taking, with traders perhaps deciding to sell shares to lock in gains.

By Krisztian Sandor
AccessTimeIconMar 5, 2024 at 10:05 p.m. UTC
Updated Mar 8, 2024 at 10:42 p.m. UTC
Scrabble letters spelling ETF arranged a rack
(Markus Winkler/Pixabay)
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  • U.S.-listed spot bitcoin ETFs had their busiest day ever on Tuesday, surpassing $10 billion in trading volume as BTC's new all-time high turned into a correction.
  • BlackRock's IBIT was the fourth most traded among all ETFs with $3.8 billion volume, Barchart data shows.
  • "These are bananas numbers for ETFs under 2 months old," one analyst noted.

U.S.-listed spot bitcoin ETFs had their busiest day ever on Tuesday as bitcoin's (BTC) run for all-time high price turned into a bloodbath, the price tumbling more than 10% after hitting a record above $69,000.

The ten ETFs topped $10 billion in trading volume during the session, breaking last week's daily record, according to Bloomberg data compiled by Eric Balchunas, ETF analyst at Bloomberg Intelligence. BlackRock's IBIT, Fidelity's FBTC, Bitwise's BITB and ARKB, co-managed by Ark Invest and 21Shares, all broke their personal volume records, Balchunas noted.

BlackRock's IBIT was the fourth most traded among all ETFs, notching over $3.8 billion in volume, Barchart data shows.

"These are bananas numbers for ETFs under 2 months old," said Balchunas. Spot Bitcoin ETFs started trading on Jan. 11 in the U.S.

Last week, heavy bitcoin ETF trading was the result of strong net inflows, with the funds attracting over $1.7 billion in fresh money. Today's action, however, may indicate heavy profit-taking, with traders either spooked by the heavy volatility, or perhaps deciding to sell ETF shares to lock in bitcoin's 50% price gain over the past month.

Read more: Bitcoin ETF High Volume Doesn't Always Mean Heavy Buying: NYDIG

Edited by Stephen Alpher.

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Krisztian Sandor
Krisztian Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Follow @sndr_krisztian on Twitter

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