United States spot Bitcoin ( BTC ) exchange-traded funds (ETFs) have set a new retrading volumes — beating the previous record by over one and a half times.

The ten ETFs saw $7.69 billion in volume on Feb. 28, per data posted to X by Bloomberg ETF analyst James Seyffart.

The previous record was $4.66 billion in volume seen on the fund’s Jan. 11 launch day.

BlackRock’s iShares Bitcoin ETF (IBIT) took up 43.5% of the total — seeing $3.35 billion in trading volume and doubling its previous daily record.

It’s also roughly the trading volume all ten ETFs saw the day prior on Feb. 27.

The new record for #Bitcoin ETF trading volume is officially $7.69 billion. Previous record was $4.66 billion from launch day. https://t.co/rZsOSUqk35 pic.twitter.com/QaOKe2LuVU

— James Seyffart (@JSeyff) February 28, 2024

The Grayscale Bitcoin Trust (GBTC) — the runner-up for the day — had $1.86 billion in trading volume.

The Fidelity Wise Origin Bitcoin Fund (FBTC) came third with $1.44 billion — doubling its volume record.

The combined volumes of GBTC and FBTC comprise about 43% of the total volume.

It took only half the trading day for the nine new ETFs — bar Grayscale’s — to blow past their previous record , Bloomberg analyst Eric Balchunas wrote in a Feb. 28 X post .

They went on to double that volume record with around $5.8 billion in volume by the close of trading, Balchunas wrote in a later post .

“The total number of trades was double too, over half a million individual trades [between] them,” he added.

Related: Matrixport warns of market euphoria, correction after Bitcoin’s $60K milestone

Balchunas added market makers told him the volume is largely “natural demand” versus algorithmic or arbitrage trading volume as he’d previously speculated.

The record-setting volume day comes as Bitcoin rallied over 10% to an over two-year high of $64,000.

It’s retraced to as low as $60,000 but slightly recovered to trade above $62,000 at the time of publication, according to Cointelegraph Markets Pro.

Meanwhile, GBTC saw $216.4 million in net outflows on Feb. 28, according to preliminary Farside Investors data .

It’s the fund’s highest outflow day since its $220.7 million on Jan. 30 and a record so far for February.

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