{"id":256298,"date":"2024-02-29T09:49:46","date_gmt":"2024-02-29T04:19:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-etf-trading-volumes-double-at-6-billion-70000-btc-price-coming-crypto-news\/"},"modified":"2024-02-29T09:49:49","modified_gmt":"2024-02-29T04:19:49","slug":"bitcoin-etf-trading-volumes-double-at-6-billion-70000-btc-price-coming-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-etf-trading-volumes-double-at-6-billion-70000-btc-price-coming-crypto-news\/","title":{"rendered":"Bitcoin ETF Trading Volumes Double At $6 Billion, $70,000 BTC Price Coming? – Crypto News"},"content":{"rendered":"

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The trading activity in the newly launched Bitcoin ETFs<\/a> has simply skyrocketed this week hitting new milestones every passing day. On Wednesday, February 28, the daily trading volumes of all nine bitcoin ETFs combined surged by a staggering 100%.<\/p>\n

Bitcoin ETFs Trading Volumes Shoot $6 Billion<\/h3>\n

Eric Balchunas, a renowned ETF strategist at Bloomberg, disclosed remarkable figures for the New Nine ETFs, indicating a doubling of their volume record. With approximately $6 billion traded, this surge surpassed their previous record set just the day before. Leading the pack, BlackRock\u2019s $IBIT saw $3.3 billion in trading volume, while Fidelity recorded $1.4 billion, both doubling their previous records. Impressively, the total number of trades also doubled, surpassing half a million individual transactions among them.<\/p>\n

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Moreover, when factoring in $GBTC, the Ten ETFs collectively shattered the old record, which dates back to their inception, reaching nearly $8 billion in trading volume. Including Bitcoin futures ETFs like $BITO, referred to as the Bitcoin ETF Complex, the total trading volume soared over $10 billion. Balchunas highlighted the trajectory since the launch of $BITO in 2021.<\/p>\n

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RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. $IBIT<\/a> led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. $IBIT<\/a> alone > $QQQ<\/a>. pic.twitter.com\/ZzB5PWXA4f<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) February 28, 2024<\/a><\/p>\n

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In discussions with market makers, Balchunas found that this surge in volume primarily stems from organic<\/a> demand rather than algorithmic or arbitrage-driven trading. He noted that wirehouse platforms are reportedly contemplating adding these ETFs to their offerings, with growing pressure to do so. While these platforms typically seek established track records and incentives, the burgeoning grassroots demand may expedite their inclusion.<\/p>\n

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The Bitcoin price rallied all the way to $64,000 on Wednesday, before slowing down a bit. The Bitcoin trading volume has also shot up by 116% in the last 24 hours to $88 billion. If this euphoria continues, the new Bitcoin all-time high<\/a> won\u2019t be far away.<\/p>\n

Morgan Stanley to Add BTC ETF Products<\/h3>\n

Sources familiar with the matter said that banking giant Morgan Stanley<\/a> is currently conducting thorough due diligence to potentially integrate spot Bitcoin ETF products into its brokerage platform. The move comes as Morgan Stanley, a major U.S. broker-dealer platform, explores the possibility of offering spot Bitcoin ETFs to its clientele following the SEC\u2019s approval of such products in January.<\/p>\n

While significant investments have already flowed into these products, the widespread adoption may hinge on their availability through large registered investment advisor (RIA) networks and brokerage platforms associated with major firms like Merrill Lynch, Morgan Stanley, and Wells Fargo, among others.<\/p>\n

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Morgan Stanley holds a solid track record in alternative investments and private markets, boasting over $150 billion in assets under management. Furthermore, it has been at the forefront of providing access to Bitcoin for its affluent clients.<\/p>\n

In 2021, the bank made headlines by becoming the first major U.S. bank to offer exposure to Bitcoin funds to its wealth management clients. This move was confirmed during Morgan Stanley\u2019s first-quarter earnings call in April 2021, where they announced the availability of bitcoin exposure through external crypto funds<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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