Bitcoin Price Surges as Spot ETFs Smash Volume Record, Hitting $2 Billion!
Major Milestone Reached as Bitcoin ETFs Surpass $2 Billion in Volume
In a groundbreaking development, exchange-traded funds (ETFs) in the cryptocurrency market have officially crossed the $2 billion mark, signaling a significant shift in the industry. The recent surge in trading volume for Bitcoin ETFs has caught the attention of experts, with Monday’s volume reaching an astonishing $2.4 billion, twice the usual daily average.
Between January 11 and February 26, spot Bitcoin ETFs, including GBTC, saw a net inflow of an impressive $6.03 billion, according to Bitmex Research. The highest inflow was recorded on launch day, with $655.2 million, followed closely by February 13 with $631.2 million.
This record-breaking volume coincided with Bitcoin’s surge on Monday, as it surpassed the $54,000 mark for the first time since 2021, ultimately reaching $57,000. Within just an hour, it cleared a staggering $70 million in short positions. As of now, Bitcoin is trading at $56,835.
Among the standout performers, BlackRock’s iShares Bitcoin Trust (IBIT) played a significant role in reaching the $2 billion milestone, contributing a substantial $1.3 billion. This marks a remarkable increase of around 30% from its previous high, highlighting the growing investor appetite for Bitcoin exposure in traditional financial markets.
It is worth noting that these figures do not include Grayscale’s Bitcoin ETF, which is currently undergoing a transition from its existing Grayscale Bitcoin Trust (GBTC) to an ETF.
While the recent success has been focused on Bitcoin ETFs, attention is now shifting towards spot Ethereum ETFs. Investment firms such as BlackRock, Fidelity, Grayscale, VanEck, Invesco, Franklin Templeton, Galaxy, Ark Invests, and 21Shares are seeking approval from the Securities and Exchange Commission (SEC) to launch spot Ethereum ETFs in the US market.
The surge in Bitcoin ETF volume and the potential approval of spot Ethereum ETFs indicate a growing mainstream adoption of cryptocurrencies and a significant influx of capital into the asset class. This monumental milestone sets the stage for further advancements and opportunities in the crypto market.