The daily trading volume for US-based spot bitcoin ETFs reaches highest level since mid-January
The total daily trading volume across all eleven spot bitcoin ETFs in the US reached a multi-week high of $2.58 billion on Tuesday, according to data from The Block. BlackRock’s iShares Bitcoin ETF recorded the highest volume at $623.89 million, followed by Grayscale’s converted GBTC fund at $619.76 million. Glassnode analysts believe that the approval of these ETFs has led to a bull market in the digital asset space. They also noted that indicators show institutional investors shifting towards higher-risk altcoin investments.
ETF inflows reinvigorating the altcoin market
Glassnode’s Altcoin Indicator has shown positive momentum in altcoin markets since October 2023, with a brief pause during the sell-the-news event after the Bitcoin ETFs went live. This momentum re-triggered on February 4th, indicating renewed interest in altcoins. However, historically, capital moves into altcoins at a slower pace compared to major cryptocurrencies like Bitcoin and Ether.
Mixed performance for major altcoins
In the past 24 hours, major altcoins have had mixed performance. BNB increased by 1.84%, while Solana and Cardano both declined by almost 7%. Bitcoin was trading at $51,360 at 6:12 a.m. ET, and the GM 30 Index, representing the top 30 cryptocurrencies, slipped 2.28% to 111.90.
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