The trading volumes of nine spot Bitcoin ETFs hit a record high, reaching beyond $2.4 billion on February 26, amid a significant surge in Bitcoin's value, which ascended to a two-year peak of $56,444.64. Eric Balchunas, an ETF analyst from Bloomberg, reported this remarkable trading activity, which eclipsed the former peak volume of $2.2 billion observed on the ETFs' inauguration day in January, not accounting for the volumes from Grayscale's converted Bitcoin ETF (GBTC).

Leading the charge, BlackRock's IBIT ETF saw its daily trading volume soar to $1.29 billion on the same day, a 30% uplift from its highest previous daily volume. Fidelity's FBTC also showcased robust trading activity, recording volumes of $576 million, while ARKB and BITB posted substantial figures of $276 million and $81 million, respectively.

The factors driving this spike in trading volume remain speculative, but Balchunas highlighted a trend where volumes typically increase at the week's start. James Seyffart from Bloomberg pointed out that factoring in Grayscale's Bitcoin ETF pushes the total daily trading volume to around $3.2 billion, marking it as the second-highest volume day on record.

BitMEX Research further illuminated the ETF scene, revealing that spot Bitcoin ETFs attracted over $583 million in the last four trading days alone. The year-to-date inflow has now exceeded $5.5 billion, with leading contributions from IBIT, FBTC, ARKB, and BITB, each amassing inflows of over $1 billion. In contrast, Grayscale's GBTC has seen a net outflow of $7.4 billion this year, highlighting a divergent trend amidst the overall bullish sentiment in spot Bitcoin ETF markets.