Bitcoin ETF Trading Volume Hits Record High as Grayscale Outflows Plummet, Bitcoin Surges to $57K
Bitcoin continues to surge, reaching a high of $57,073. According to Matrixport’s analysis, since the end of January, Bitcoin has seen a 23% increase, with 12% of it contributed by US time, indicating the influence of Bitcoin ETF on BTC prices. Additionally, the net outflow of Grayscale’s GBTC decreased yesterday, and Bitcoin ETF trading volume reached a new high, further validating this claim.
Bitcoin ETF contributes to over half of BTC’s rise
Bitcoin ETF trading volume hits a new high
GBTC net outflow reaches a new low, Bitcoin ETF continues to grow
Bitcoin suddenly surged from $51K to a high of $54,910 last night. According to Matrixport’s analysis, since the end of January, Bitcoin has seen a 23% increase, with 12% of it contributed by US time, indicating the influence of Bitcoin ETF on BTC prices.
Bitcoin continues to surge this morning, reaching a high of $57,073. As of the time of writing, it is reported to be $56,140.
According to Bloomberg ETF analyst Eric Balchunas, the trading volume of nine Bitcoin spot ETFs reached a new high yesterday (2/26), exceeding $2.4 billion and surpassing the trading volume on their first day of listing. Among them, BlackRock’s IBTC accounted for $1.3 billion.
Balchunas stated that the trading volume of IBIT ranks 11th (0.3%) among all ETFs and 25th among stocks, which is an incredibly impressive number for a newcomer. He also mentioned that while trading volume is different from fund flows, having good liquidity can reduce friction and costs, which is why large institutions often only use ETFs with high trading volumes.
According to data from Lookonchain, as of 2/26, Grayscale’s GBTC has decreased by 1,090 BTC (approximately $56.4 million). The other eight ETFs have increased by 5,369 BTC (approximately $278 million), with BlackRock’s IBTC increasing by 3,281 BTC (approximately $169.88 million).
Currently, including GBTC and other nine ETFs, a total of 737,381 BTC is held, and the net outflow of funds from Grayscale seems to be gradually decreasing.
BTC
Bitcoin ETF
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