Spot Bitcoin ETFs Record $7.7 Billion in Daily Trading Volume as BTC Price Surges
The trading volume of spot Bitcoin ETFs in the US reached a new all-time high on Wednesday, with a total of $7.7 billion traded. BlackRock’s IBIT and Fidelity’s spot Bitcoin ETF both set personal records, with IBIT reaching $3.3 billion in trading volume and Fidelity hitting $1.4 billion.
Additionally, the price of Bitcoin briefly surpassed $64,000 during the day, coming close to its previous all-time high set in November 2021. Although there was a subsequent correction, optimism remains high for a new all-time high.
As of now, Bitcoin is being traded at around $61,300, marking a 7.6% increase in the last 24 hours and a 20% increase in the last seven days.
“Bitcoin’s IPO Moment”
Hunter Horsley, CEO of Bitwise Asset Management, took to social media to express his thoughts on the current state of Bitcoin. According to Horsley:
“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 believes that Bitcoin will surpass gold’s total addressable market (TAM) sooner than expected and potentially reach a price of $250,000. He attributes this accelerated growth to the increased accessibility provided by Bitcoin ETFs, comparing it to an IPO moment for Bitcoin.
The rise in demand for Bitcoin is largely driven by institutional investors as ETFs continue to acquire more Bitcoins on a daily basis. However, the upcoming Bitcoin halvening in April may impact the supply and demand dynamics of the market.
Hot Take: Bitcoin Bulls Drive Market Towards New ATH
The current market conditions indicate that another all-time high is within reach for Bitcoin, as it continues to be driven by bullish sentiment. The surge in institutional buying through ETFs has resulted in a higher demand for Bitcoins than what is being produced daily. The upcoming halvening event in April, which will reduce the number of newly mined bitcoins, could further impact the supply and demand dynamics of the market.
Overall, the trading volume of spot Bitcoin ETFs reaching a new record high reflects the growing interest and confidence in Bitcoin as an investment asset. The accessibility provided by these ETFs has expanded the market and attracted a wider range of investors. As Bitcoin approaches its previous all-time high, there is anticipation for a new milestone to be achieved in the near future.
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