Record Trading Volume for US Spot Bitcoin ETFs
According to recent data, US spot Bitcoin ETFs experienced a surge in daily trading volume, reaching an all-time high of $7.7 billion. Notably, BlackRock’s IBIT achieved a significant milestone by doubling its personal record, raking in $3.3 billion in trading volume for the third consecutive day. Fidelity’s spot Bitcoin ETF also joined the fray, doubling its previous record with $1.4 billion in trading volume on the same day.
Bloomberg analyst James Seyffart highlighted these remarkable figures, signaling a growing interest in Bitcoin among investors. The price of Bitcoin itself saw a spike, briefly surpassing $64,000 and approaching its previous all-time high from November 2021.
The Impact of Bitcoin ETFs on Market Growth
Commenting on the rise of Bitcoin ETFs, Hunter Horsley, CEO of Bitwise Asset Management, emphasized the transformative effect these financial instruments are having on the cryptocurrency market. Horsley noted, “Spot Bitcoin ETFs represent a turning point, opening the door for the vast resources of the U.S. capital markets to invest in Bitcoin for the first time. This significantly expands the available market and removes the need for waiting for new features.”
“Price discovery is happening, and it could move quickly.”
Horsley also expressed optimism about Bitcoin’s potential to outpace gold in terms of market value and reach a price of $250,000 sooner than anticipated. He attributed this projected growth to the accessibility facilitated by Bitcoin ETFs, likening it to a groundbreaking IPO moment for the cryptocurrency.
