- Bitcoin ETFs reached $11.5B daily volume, with IBIT alone contributing $8B in heavy trading activity.
- Trading spiked throughout 2025, showing growing interest and engagement in Bitcoin-related ETFs.
- Put option activity in IBIT rose sharply, signaling more investors hedging while staying long on Bitcoin.
Bitcoin-related ETFs experienced unprecedented trading activity this week, setting new all-time volume records across the sector. According to Eric Balchunas on X, the group of Bitcoin ETFs collectively reached $11.5 billion in daily volume, with IBIT alone contributing $8 billion.
The surge reflects heightened investor engagement as trading activity spiked sharply across multiple products. Balchunas explained, “Whenever an ETF or category is ‘going through it’ volume is elevated. ETFs are liq release valves.”
The chart shared by Balchunas illustrates daily trading volumes for Bitcoin equity products including IBIT, BITB, FBTC, GBTC, and ARKB. Activity remained volatile from early 2024 to late 2025. Early 2024 saw heavy spikes, with several products reaching near $8 billion in transactions.
Volumes subsequently cooled through late spring and early summer, stabilizing near the $1–2 billion range. This period of lower activity provided a temporary calm in otherwise dynamic market conditions.
Late 2024 Revival and 2025 Momentum
Trading momentum returned in late 2024, as volumes climbed steadily. Several sessions reached nearly $6 billion, with occasional peaks surpassing this threshold. The first quarter of 2025 delivered additional bursts, pushing daily totals into multi-billion ranges.
Spikes often aligned with broader market volatility, showing active participation across the sector. During mid-2025, volumes held elevated levels, frequently exceeding $4 billion per session. Peaks occurred as traders intensified activity, reflecting strong engagement across the ETFs.
As 2025 progressed, trading activity accelerated further. By late 2025, volumes reached the highest levels on record. The chart’s highlighted region shows peaks near $12 billion, driven by contributions across multiple products. This sustained activity demonstrates expanding interest in Bitcoin-related equities as market conditions evolved.
Put Volume Activity in IBIT
Balchunas also highlighted record put volume in IBIT, noting the hedge opportunity for investors: “They can always buy some puts as hedge while they stay long.” Late 2024 through November 2025 saw month-to-month swings in put contracts, starting at low levels near 0.278 million.
By early November 2025, put volume reached 1.766 million contracts, marking a significant increase. The 50-day moving average of 0.829 million indicates rising short-term hedging activity, with consistent growth from mid-2025 onward.
