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As Bitcoin climbs past $60,000, US-based spot Bitcoin ETFs register a trading volume frenzy fueled by natural demand.
While Bitcoin surpasses $60,000, spot Bitcoin ETFs traded in the US register a trading frenzy.
Spot Bitcoin exchange-traded funds (ETFs) in the US registered a daily trading volume of $7.69 billion this Wednesday, surpassing the previous record of $4.66 billion by 65%. Bloomberg analyst James Seyffart pointed out that those numbers could go higher, as some additional data from the ETFs flows later.
Eric Balchunas, also a Bloomberg analyst, shared on an X post that the “trading explosion” had flowed to Bitcoin futures ETFs as well. He mentioned BITX, which registered a new trading record with three more hours until the trading session ended.
In another X post, Balchunas added that through conversations with market makers, the volume spike today was largely caused by natural demand versus arbitrage volume. Another piece of information shared by Bloomberg’s analyst is that wirehouses are looking to add Bitcoin ETFs soon.
The profile Lookonchain updated the growth in ETF managers’ Bitcoin holdings, highlighting an 11,759 BTC leap in flow. The outflow for Grayscale’s GBTC was the smallest of the last six days, with just 429 BTC leaving the fund.
Moreover, four spot Bitcoin ETFs in the US now hold more than $2 billion in Bitcoin, after ARK Invest’s ARKB added more BTC to its address. The other three ETFs are BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC.