Bitcoin ETFs hit volume record of $7.6B

The slate of US bitcoin ETFs continue to post jaw-dropping figures. 

As of market close on Wednesday, the ETFs hit $7.6 billion in volume, topping previous records, according to Bloomberg data.

BlackRock ’s bitcoin ETF, which trades under the ticker IBIT, put up around $3.3 billion of that amount. The ETF’s volumes were already shattering records hours before the market closed, with IBIT hitting $2.2 billion of volume by 1 pm ET.

Fidelity ’s ETF, which trades under FBTC, came in at around $1.4 billion. Grayscale’s ETF, under ticker GBTC, saw volume of $1.8 billion.  

As Bloomberg analyst James Seyffart noted, the previous record was $4.6 billion on launch day. 

“This is officially a craze,” said Bloomberg senior ETF analyst Eric Balchunas earlier on Wednesday. He noted that IBIT “traded more today than in its first two [weeks] combined.”

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 , notching $1.3 billion just yesterday.

Read more: As bitcoin ETFs gain ground on gold funds, is a flippening in the cards?

Balchunas said that the volume is “largely” made up of natural demand, meaning that it’s not algorithmic. He further added that “wirehouse platforms are seriously looking at adding them soon.”

CoinDesk reported Wednesday that Morgan Stanley is considering adding the ETFs to its brokerage platform. When reached by Blockworks, Morgan Stanley declined to comment.

“They like to see track record and get paid off, but [with] grassroots demand like this, they [are] gonna have to expedite,” Balchunas continued.

The bitcoin ETF volumes come as bitcoin climbed near record highs Wednesday before settling around $60,000 at publishing time. 

Bitcoin topped $64,000 before losing momentum and falling to $61,000 in early afternoon trading . Bitcoin’s all-time high sits at roughly $69,000.

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