Bitcoin (BTC) is performing better every day. The hype about a so-called Bull market before halving seems to have prevailed. The price rose more than 20% from $51,000 to $63,000 in just two days.
The sharp increase also seems to correlate with the strikingly good performance of the new US spot Bitcoin exchange-traded funds (ETFs) or exchange-traded funds. These funds set new records again on February 28th.
Bitcoin ETF volume has gone through the roof
The new spot Bitcoin ETFs set new records again on February 28th.
ETF expert James Seyffart Reports that the ETFs reached a total volume of $7.69 billion on February 28th.
That’s a new record for volume, surpassing the old record of $4.66 billion set on the ETFs’ first day of trading on Jan. 11.
Once again, it was BlackRock’s Bitcoin ETF that made the biggest impression. The BlackRock iShares Bitcoin Trust (IBIT) reached a volume of $3.35 billion yesterday.
That’s at least 43.5% of the total volume. In fact, it’s about as much as all Bitcoin ETFs made a day earlier.
In second place was, of course, the Grayscale Bitcoin Trust (GBTC), which amounted to $1.86 billion. The Fidelity Wise Origin Bitcoin Fund (FBTC) followed in third place with $1.44 billion. However, the rest fell far behind.
Bitcoin ETFs are also breaking records in terms of inflows
Yesterday was not just a record-breaking day in terms of quantity broken through.
BlackRock’s IBIT fund also saw net inflows of $612 million yesterday. This breaks the previous record of $520 million, set just a day earlier.
However, this was somewhat offset by an increasing outflow from the Grayscale fund. The GBTC ETF saw $216 million in net outflows yesterday.
While this is not a record outflow, it is a significant increase compared to most days in February.
Notably, the VanEck Bitcoin Trust (HODL) also saw a net outflow yesterday. However, this amount remained relatively small at $3.4 million.
Nevertheless, all Bitcoin ETFs hit a new record in net outflows. This reached $673 million yesterday, breaking the ETF’s first-day record of $655 million.