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Bitcoin Breaks $57,000 Level as 9 Spot ETF’s Trading Volume Soars to All-Time High

February 28, 2024
in Business
Bitcoin Breaks $57,000 Level as 9 Spot ETF’s Trading Volume Soars to All-Time High
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It’s not just another day in crypto it’s a big day indeed. ETF’s officially turned $2B. 

The recent surge in trading volume for Bitcoin exchange-traded funds (ETFs) has caught the attention of Eric Balchunas, a senior analyst at Bloomberg Intelligence. On Monday, these ETFs reached a staggering $2.4 billion in volume, twice the usual daily average. 

Bitcoin ETFs have broken all-time volume records, Here’s What it Means!

Notably, From Jan. 11 to Feb. 26, 10 spot Bitcoin ETFs, including GBTC, saw a net inflow of $6.03 billion, as per Bitmex Research. Launch day saw the highest inflow at $655.2 million, followed by Feb. 13 with $631.2 million. The record ETF volume coincided with Bitcoin’s surge on Monday, breaking $54,000 for the first time since 2021. Bitcoin hit $57,000, clearing $70 million in short positions within an hour. Currently, Bitcoin trades at $56,835.

According to the Bloomberg analyst, one standout performer was Blackrock’s iShares Bitcoin Trust (IBIT), which contributed $1.3 billion to this total, marking a significant increase from its previous high. This figure represents a significant increase of approximately 30% from its previous high, underlining the growing investor appetite for exposure to Bitcoin within the traditional financial markets.

However, he clarified, that the new data doesn’t include Grayscale’s Bitcoin ETF, which underwent a transition from its existing Grayscale Bitcoin Trust (GBTC) to an ETF. 

Meanwhile, the Hashdex Bitcoin Futures ETF (DEFI), initially thought to be a spot Bitcoin ETF, clarified that it’s currently a futures product. However, there are plans to eventually transition to holding actual spot Bitcoin in its portfolio pending approval from the U.S. Securities and Exchange Commission (SEC).

This flurry of activity underscores the growing interest in Bitcoin investment vehicles, as investors seek exposure to the crypto market through regulated channels.

Bitcoin Hits Two-Year High

Bitcoin reached roughly $57,000 on Tuesday, a two-year record during Asian trade. Strategic acquisitions and spot Bitcoin ETF regulatory approvals have fueled this rise, suggesting cryptocurrency’s mainstream adoption.

On this rising trend, Michael Saylor, co-founder of MicroStrategy, said there’s been a 10-year wait for Bitcoin ETFs. As a result, mainstream investors are now accessing Bitcoin through these ETFs, leading to a surge in capital inflow into the asset class.

Do We See Spot Ethereum ETFs Next?

After Spot Bitcoin ETF’s massive success, the demand for spot Ethereum ETFs in the U.S. market is rising, prompting numerous investment firms to file applications with the Securities and Exchange Commission (SEC). Among the notable firms seeking approval for spot Ethereum ETFs are BlackRock, Fidelity, Grayscale, VanEck, Invesco, Franklin Templeton, Galaxy, as well as Cathy Wood’s Ark Invests and 21Shares. 

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