Bitcoin ETF Trading Volume Surpasses 289 Billion Analysts Forecast 75 Increase in the Near Future

Key Points
– Bitcoin ETF trading volume hits a 4-week high, surpassing levels not seen since May 15th.
– Bitcoin ETF outflow reaches $200 million, ending a 19-day streak of net inflow.
– Analysts predict a 75% surge in Bitcoin price, reaching $120k despite the current market dip.

Bitcoin ETFs have experienced a significant increase in trading volume, reaching its peak since May 15th. Santiment, a market intelligence platform, reported that the total trading volume for the top seven largest Bitcoin ETFs amounted to approximately $2.89 billion.

On the other hand, retail investor interest in Bitcoin has dropped to its lowest point in five months, resembling a trend observed in January. Nevertheless, this decline was followed by an impressive 75% surge over the subsequent two months.

Surge in Bitcoin ETF Volume
The recent uptick in Bitcoin ETF trading volume has captured the attention of both investors and analysts. Santiment’s report highlights a substantial rise in trading activity across the top 7 BTC ETFs, including GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL.

The latest surge in Bitcoin ETF volume, reaching $2.89 billion, mirrors previous patterns observed on March 5th when volume peaked at an impressive $11.13 billion. This surge indicates a renewed interest among investors, possibly signaling a dip-buying reaction.

BTC ETF Outflow: $200 Million
Conversely, U.S. spot Bitcoin exchange-traded funds witnessed net outflows of $200 million on Tuesday, breaking a 19-day streak of net inflows. Grayscale led the way with the largest net outflows of $121 million, followed by Ark Invest with $56 million in net outflows.

Bitcoin Expected to Rise 75% Amidst Decline
CryptoQuant author Axel Adler pointed out that retail investor interest in Bitcoin has declined to its lowest level in five months, resembling the situation in January. However, historical data shows that a similar decrease in demand among retail investors led to a 75% surge in Bitcoin’s price, reaching $120k in the following months.

Adler notes an average monthly change in Bitcoin demand among retail investors (<$10K) of -17%. In the past, a similar drop of -18% resulted in Bitcoin's price jumping from $40K to $70K after the approval of spot Bitcoin ETFs in the U.S. Despite the current price of Bitcoin at $67,412, reflecting a 1.4% decrease in the last 24 hours, trading volume has surged by 8%, reaching $31.3 billion, with a market cap of $1.32 trillion. In conclusion, analysts foresee a potential 75% surge in Bitcoin's price, reaching $120k in the near future, despite the current market dip.