Spot listed in the US on Tuesday Bitcoin ETF‘s (exchange traded funds) had a very active day. However, there was a sharp decline during BTC’s march towards its all-time high. According to data from CoinGecko, BTC lost 7% in value in the last 24 hours after passing the peak price of $69,000.
As Eric Balchunas, an ETF analyst at Bloomberg Intelligence, noted, 10 recently approved ETFs collectively surpassed $10 billion in trading volume during the session, surpassing the previous week’s record.
Funds such as BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB, and ARKB, jointly managed by Ark Invest and 21Shares, have broken their personal volume records.
On the other hand, Grayscale’s GBTC continues to witness significant outflows, as shared by Balchunas. However, GBTC saw an outflow of almost $10 billion but still has the same amount of assets as it did on launch day.
Interestingly, BlackRock’s IBIT was the fourth most traded fund among all Bitcoin ETFs, with a staggering volume of $3.8 billion, according to Barchart data. IBIT also surpassed iShares Silver Trust (SLV), the world’s largest silver trust, by reaching $10.03 billion in assets under management (AUM) last week.
While Balchunas noted that the ProShares Short Bitcoin Strategy ETF (BITI) “broke its record more than most,” he said, “These are crazy numbers for ETFs under 2 months.” He noted that BITI’s rise is “no surprise” considering it is a “short Bitcoin ETF.” In early February, spot BTC ETFs traded $7.69 billion on February 28, beating the previous record of $4.69 billion by a factor of one and a half, but the record was broken on Tuesday.
