Bitcoin ETF Trading Frenzy Continues After Record $673M Net Inflow as BTC Price Nears Record

• BlackRock's bitcoin ETF is among the top 10 most traded ETFs during the day, Barchart shows.
• Demand for spot bitcoin ETFs accelerated this week, notching a record $673 million net inflow Wednesday, according to BitMEX Research data.

The trading frenzy among U.S.-listed spot bitcoin {{BTC}} exchange-traded funds continued Thursday after attracting their biggest single-day net inflow amid Wednesday's busy session.

BlackRock's ETF – known as IBIT, which has the second-biggest asset total among bitcoin ETFs – was again among the top 10 most-traded ETFs in the U.S. around midday hours Thursday and posted over $1 billion in trading volume for the fourth consecutive day, according to Barchart data.

As of 1:30 p.m. Eastern time (18:30 UTC), almost 36 million IBIT shares worth over $1.2 billion changed hands with two hours left of the trading session, per Barchart. Grayscale's GBTC and Fidelity's FBTC are also having a strong day, trading over $880 million and $660 million, respectively, so far.

Read more: Bitcoin ETF Buying Led by Retail, Hedge Funds, FAs; Larger Players Still to Come: Bitwise CIO

These strong figures follow Wednesday's record-breaking day, when the 10 spot bitcoin ETFs traded $7.7 billion in total, with BlackRock's IBIT hitting $3.3 billion in volume.

Spot bitcoin ETFs also attracted $673 million of net inflows Wednesday, the largest single-day allocation since their debut in early January, BitMEX Research data shows. BlackRock's IBIT alone attracted $612 million of inflows, a record high.

[1/5] Bitcoin ETF Flow - 28th Feb 2024

All data in. Today was a record inflow day, with $673.4m of net inflow. This was driven by Blackrock, which also had a record day, with $612.1m of inflow pic.twitter.com/vklRVtrDoI

— BitMEX Research (@BitMEXResearch) February 29, 2024

"Only one or two other ETFs on the planet are taking in cash as fast as IBIT right now," Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said in an X post.

Bitcoin is having a quieter session on Thursday, with the CoinDesk Bitcoin Index (XBX) hovering around $61,000, down 0.3% over the past 24 hours. It's lagging behind the broad-market CoinDesk 20 Index (CD20), which is up over 3%.