- Bitcoin is being devoured by spot bitcoin ETFs at a rate that exceeds its mining capacity.
- Last week was a record-breaker, with total spot bitcoin ETF trading volumes reaching $22.3B.
The newly issued U.S. spot bitcoin ETFs got off to a flying start after their January debut. According to statistics, the crypto-based financial instruments reached a new important milestone on Friday, surpassing $100 billion in total trading volume.
A month passed before the new products’ combined trading volume surpassed $50 billion, but they reached the second half of that milestone in just two weeks due to increased activity.
Investors Optimistic
With more people looking to purchase and trade bitcoin, its price has skyrocketed. Bitcoin is being devoured by spot bitcoin ETFs at a rate that exceeds its mining capacity. Due to skyrocketing demand, the price of Bitcoin, recently surpassed its previous all-time high (ATH) of $69,000. Moreover, with the impending halving around the corner, the price is expected to rally further. With the ongoing bullish momentum, altcoins also witnessed similar trends and are trading in green.
Spot bitcoin ETFs’ daily trading volume almost topped $10 billion on Monday, and now they’ve surpassed $100 billion. Additionally, last week was a record-breaker, with total spot bitcoin ETF trading volumes reaching $22.3 billion.
When looking at total volume, BlackRock, Fidelity, and Grayscale have been the top three. The $788.3 million inflow that BlackRock’s fund saw on Tuesday set a new daily record. The president of The ETF Store, Nate Geraci, attempted to put the current events into context earlier this week.
Nine new spot bitcoin ETFs have raised more capital in the last two months than all physical gold ETFs raised in the previous five years combined.
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