Massive Trading Volumes for Bitcoin ETFs
The trading activity surrounding Bitcoin is largely driven by Bitcoin ETFs. According to Bloomberg Intelligence’s senior ETF strategist Eric Balchunas, the nine Bitcoin ETFs recently experienced the highest single-day trading volume since their launch, reaching approximately $2 billion in combined trading volume. This surge was fueled by notable contributions from ETFs like $HODL, $BTCW, and $BITB, all of which broke their previous volume records. Balchunas emphasized the significance of this achievement by comparing it to the top 10 ETFs and top 20 individual stocks in terms of trading activity.
VanEck’s Spot Bitcoin ETF Sees Impressive Surge
VanEck’s spot Bitcoin ETF has also witnessed a significant increase in trading volume. It surpassed $300 million in trading volume, a substantial leap compared to its previous best trading day. On its launch day, January 11th, the ETF achieved a daily trading volume of $25.5 million, according to data from Yahoo Finance.
Additionally, market analysts like MicroStrategy chief Michael Saylor believe that Wall Street is attempting to dominate the Bitcoin market. Saylor highlighted the influx of capital from traditional systems into digital platforms through Bitcoin ETFs and emphasized Bitcoin’s increasing value compared to assets like gold, real estate, and the S&P Index.
Whales Continue Accumulating
CryptoQuant CEO Ki Young Ju reported that Bitcoin whale accumulation addresses received a net inflow of 25,300 BTC in just one day earlier this week. This record-breaking surge indicates strong accumulation by whales. These accumulation addresses have specific criteria and include no outgoing transactions, a balance exceeding 10 BTC, exclusion of certain address types, and recent activity within the past 7 years.
Despite these developments, the Bitcoin price remains steady at around $52,000. Investors are eagerly waiting for the next move, and any directional shift outside the range of $51,700 and $52,515 will provide a clear indication of where the BTC price is heading.
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