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The slate of US bitcoin ETFs continue to post jaw-dropping figures.\u00a0<\/p>\n
As of market close on Wednesday, the ETFs hit $7.6 billion in volume, topping previous records, according to Bloomberg data.<\/p>\n
BlackRock<\/a>\u2019s bitcoin ETF, which trades under the ticker IBIT, put up around $3.3 billion of that amount. The ETF\u2019s volumes were already shattering records hours before the market closed, with IBIT hitting $2.2 billion of volume<\/a> by 1 pm ET.<\/p>\n Fidelity<\/a>\u2019s ETF, which trades under FBTC, came in at around $1.4 billion. Grayscale\u2019s ETF, under ticker GBTC, saw volume of $1.8 billion.\u00a0\u00a0<\/p>\n As Bloomberg analyst James Seyffart noted, the previous record was $4.6 billion on launch day.\u00a0<\/p>\n \u201cThis is officially a craze,\u201d said Bloomberg senior ETF analyst Eric Balchunas earlier on Wednesday. He noted that IBIT \u201ctraded more today than in its first two [weeks] combined.\u201d<\/p>\n The ETFs, which were only approved to start trading in January, have posted high volumes every day so far this week. IBIT beat its volume records on Monday and Tuesday<\/a>, notching $1.3 billion just yesterday.<\/p>\n Read more: <\/strong>As bitcoin ETFs gain ground on gold funds, is a flippening in the cards?<\/a><\/p>\n Balchunas said that the volume is \u201clargely\u201d made up of natural demand, meaning that it\u2019s not algorithmic. He further added that \u201cwirehouse platforms are seriously looking at adding them soon.\u201d<\/p>\n CoinDesk reported<\/a> Wednesday that Morgan Stanley is considering adding the ETFs to its brokerage platform. When reached by Blockworks, Morgan Stanley declined to comment.<\/p>\n \u201cThey like to see track record and get paid off, but [with] grassroots demand like this, they [are] gonna have to expedite,\u201d Balchunas continued.<\/p>\n The bitcoin ETF volumes come as bitcoin climbed near record highs Wednesday before settling around $60,000 at publishing time.\u00a0<\/p>\n Bitcoin topped $64,000 before losing momentum and falling to $61,000 in early afternoon trading<\/a>. Bitcoin\u2019s all-time high sits at roughly $69,000.<\/p>\n
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