9 Bitcoin ETFs Break All-Time Volume Record With $2,400,000,000 Trading Turnover: Bloomberg Analyst

The nine newly created spot Bitcoin (BTC) exchange-traded funds (ETF) broke their all-time volume record on Monday, according to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

Balchunas notes the ETFs registered $2.4 billion in volume on Monday, topping their big first day and doubling the recent daily average.

Blackrock’s iShares Bitcoin Trust (IBIT) accounted for $1.3 billion of that total, breaking its personal volume record by roughly 30%, according to the Bloomberg analyst.

Balchunas’ numbers don’t count Grayscale’s spot BTC ETF. Rather than create an entirely new product, the crypto-focused asset management giant converted its existing flagship product, the Grayscale Bitcoin Trust (GBTC), into an exchange-traded fund listed on the exchange NYSE Arca.

The Bloomberg analyst’s total also doesn’t include the Hashdex Bitcoin Futures ETF (DEFI), which was approved by the U.S. Securities and Exchange Commission (SEC) with the other 10 ETFs in January.

While the product was initially reported as a spot Bitcoin ETF, Hashdex later clarified that it is a futures product and does not currently hold spot Bitcoin in its portfolio.

Explained the fund,

“At a later date, the fund will change its name and change its investment strategy to permit spot bitcoin in its portfolio. These changes will be effected by a registration statement that is currently under review with the U.S. Securities and Exchange Commission.”

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