Coinbase’s Bitcoin OTC Trading Volume Reaches $7.7 Billion
A recent report by CryptoQuant reveals that Coinbase’s Bitcoin over-the-counter (OTC) trading volume has reached $7.7 billion. This indicates a significant increase in the purchase of Bitcoin following the approval of spot Bitcoin ETFs for listing on major US exchanges.
Spot Bitcoin ETFs Approved for Listing on US Exchanges
In an official SEC filing, it was announced that spot Bitcoin ETFs have been approved for listing on all registered national exchanges in the US, including Nasdaq, NYSE, and CBOE. This long-awaited approval marks a milestone in the pursuit of this type of product.
Highest Level of Bitcoin Purchases Since March 2023
Following the announcement of spot Bitcoin ETF approval, CryptoQuant reports a surge in Bitcoin purchases, reaching the highest level since March 2023. The volume has significantly increased from $1.3 billion a month earlier.
Bitcoin Hash Rate Reaches All-Time High
Glassnode, an on-chain market intelligence platform, reveals that the Bitcoin Hash Rate has achieved an all-time high value exceeding 600 EH/s. This represents an enormous number of guesses every second in attempts to solve the block puzzle.
Increasing On-Chain Transaction Volume and Exchange Flows
According to the report, on-chain transaction volume is also on the rise, with daily settlements surpassing $5.7 billion in economic transfers. Additionally, there is significant growth in investor activity, as daily inflows and outflows amount to $4.6 billion in exchange flows.
Hot Take: Positive Growth in Bitcoin Market
The recent developments surrounding spot Bitcoin ETFs and the surge in Bitcoin purchases indicate positive growth in the market. With Coinbase’s Bitcoin OTC trading volume reaching $7.7 billion and the Bitcoin Hash Rate achieving an all-time high, it is clear that investor interest and activity are on the rise. This suggests a bullish sentiment for Bitcoin’s future.
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