Bitcoin Shows Strong Gains and Increased Trading Volume
The price of Bitcoin has remained steady, currently trading at $52,246.31. Despite a slight drop from yesterday, Bitcoin has seen a 12% gain in the past week and its average weekly trading volume has rebounded significantly. With an average volume of $36.4 billion so far this year, the highest since the beginning of the year, Bitcoin ETFs have played a role in boosting trading volumes.
Optimism among traders is evident in the derivatives market, where call options outnumber puts. CoinGlass data shows that 65% of open interest in options is for calls. Looking ahead, there is anticipation that Bitcoin will continue to grow. Contracts expiring on March 29 have $2.8 billion worth of call options.
US Spot Bitcoin ETFs Continue to Attract Attention
US spot Bitcoin ETFs are still attracting significant attention from investors. Just yesterday, these funds saw 100,000 BTC in flows. This sustained interest from Wall Street has encouraged traders but has also led to fierce competition among issuers. In response, VanEck announced a fee cut on its HODL spot Bitcoin ETF to better compete with its rivals.
Gemini co-founder Cameron Winklevoss has pointed out that the increasing amount of BTC held by ETF custodians and the reduced rate of new coin issuance after the Bitcoin halving could be bullish factors for the cryptocurrency.
Bitcoin Volatility Calms Down as Liquidity Increases
BTC volatility has slightly decreased in recent days due to growing liquidity on exchanges. When traders can buy and sell large amounts of Bitcoin without causing significant price fluctuations, it reduces the asset’s volatility. However, exchange outflows have slightly exceeded inflows over the past week, according to blockchain analytics firm IntotheBlock.
Hot Take: Bitcoin Gains Momentum with Strong Trading Volume and ETF Interest
Bitcoin has shown strong gains in the past week, with increased trading volume and growing interest in US Spot Bitcoin ETFs. The cryptocurrency’s average weekly trading volume has rebounded, reaching its highest point since the start of the year. Traders are optimistic about Bitcoin’s future growth, as evidenced by the high number of call options and the anticipation of prices between $60,000 and $75,000 by next month. The sustained interest from Wall Street in Bitcoin ETFs is encouraging, but it has also led to competition among issuers. Despite calmer volatility, exchange outflows have slightly surpassed inflows recently.
By
By
By
