Bitcoin hits a two-year high of $64,000. Bitcoin ETF spot trading volume reaches $7.7 billion, breaking records

Trading volumes for ten new U.S. Bitcoin ETFs soared, surpassing previous highs by over 150%. The United States spot Bitcoin ETFs observed a remarkable surge in trading activity, with ticker prices settling at $61,380.

ETF trading volumes hit a new high of $7.69 billion, surpassing the $4.66 billion seen on the first day of listing on January 11th

On February 28, the ten ETFs collectively amassed a staggering $7.69 billion in trading volume, according to data provided by Bloomberg ETF analyst James Seyffart. This figure eclipsed the previous record of $4.66 billion, set on the fund's launch day of January 11.

The BlackRock ETF saw record-breaking trading volume, while the volumes of the other two products also experienced significant growth

BlackRock's iShares Bitcoin ETF (IBIT) dominated the trading arena, accounting for 43.5% of the total trading volume. IBIT saw $3.35 billion in trading volume, doubling its previous daily record. Additionally, the Grayscale Bitcoin Trust (GBTC) emerged as the runner-up for the day, with a trading volume of $1.86 billion. Fidelity Wise Origin Bitcoin Fund (FBTC) secured the third position, boasting $1.44 billion in trading volume, also doubling its previous record.

The trading volume of nine new ETFs set a historic record

In a remarkable feat, nine of the new ETFs, excluding Grayscale's, surpassed their previous record within just half a trading day, as highlighted by Bloomberg analyst Eric Balchunas. By the close of trading, these ETFs had doubled their volume record, reaching approximately $5.8 billion.

Market analysts noted that the total number of trades doubled as well, surpassing half a million individual transactions. Balchunas further added that market makers attributed the surge in volume to substantial "natural demand," contrasting with earlier speculation about algorithmic or arbitrage trading.

Bitcoin surged, reaching a two-year high of $64,000

The record-setting volume coincided with Bitcoin's surge of over 10%, reaching a two-year high of $64,000 before retracing to around $60,000. At the time of publication, Bitcoin had slightly rebounded, trading above $62,000.

Meanwhile, preliminary data from Farside Investors revealed that GBTC experienced net outflows of $216.4 million on February 28, marking its highest outflow since January 30 and a record for February.