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Spot Bitcoin ETFs Experience $7.7 Billion in Daily Trading Activity as BTC Price Approaches All-Time High
US spot Bitcoin ETFs experienced a new record in daily trading volume on Wednesday, reaching $7.7 billion. BlackRock’s IBIT achieved a remarkable milestone, doubling its previous high for the third consecutive day with $3.3 billion in trading volume. Fidelity’s spot Bitcoin ETF also matched its prior record, recording $1.4 billion in trading volume on the same day, as reported by Bloomberg analyst James Seyffart.
The value of the leading cryptocurrency briefly surged past $64,000 at one point during the day, approaching its all-time high established in November 2021. Although Bitcoin’s price underwent a correction later, the optimism for a new all-time high remains intact.
At the time of this report, Bitcoin is trading at approximately $61,300, reflecting an increase of 7.6% over the last 24 hours and 20% over the past week.
RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. $IBIT led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. $IBIT alone > $QQQ. pic.twitter.com/ZzB5PWXA4f
— Eric Balchunas (@EricBalchunas) February 28, 2024
“Bitcoin’s IPO Moment”
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Hunter Horsley, CEO of Bitwise Asset Management, shared on X that Bitcoin has been in existence for 15 years and is currently gaining momentum. He remarked:
“Spot Bitcoin ETFs signify a pivotal moment, allowing the extensive resources of the U.S. capital markets to invest in Bitcoin for the first time. This greatly broadens the accessible market and eliminates the necessity for waiting on new features. Price discovery is underway, and it could progress rapidly.”
He further expressed his belief that Bitcoin will “capture gold’s total addressable market (TAM) more swiftly than most expect,” potentially achieving a price of $250,000 “much sooner than many long-time observers would predict.”
Horsley attributes this potential swift growth to the enhanced accessibility provided by Bitcoin ETFs. He noted, “For 15 years, Bitcoin’s advantages were demonstrated, but its accessibility was restricted. With spot ETFs, it’s akin to Bitcoin’s IPO moment, readily available to any investor at the click of a button. This has resulted in a tenfold increase in the market.”
As Bitcoin advocates propel the market, another all-time high appears to be within reach for the largest cryptocurrency by market capitalization. The recent bullish trend is primarily fueled by institutional purchases as ETFs acquire more Bitcoins daily than are being mined. With the Bitcoin halving event approaching in April, the demand and supply dynamics will shift again as the number of mined bitcoins will be halved.
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