Ten spot bitcoin exchange-traded funds (ETFs) shattered their trading volume record on Tuesday, reaching a staggering $10 billion. Blackrock’s Ishares Bitcoin Trust (IBIT) continues to dominate, surpassing $11 billion in assets under management (AUM) and accumulating over 170,000 bitcoins.
Record Volume Day for Spot Bitcoin ETFs
Ten spot bitcoin exchange-traded funds (ETFs) extended their record-breaking streak this week, surpassing their previous trading volume record set last Wednesday. This surge coincided with bitcoin hitting a new all-time high and subsequent price correction. Bloomberg ETF analyst Eric Balchunas shared on social media platform X Monday:
MILESTONE: the ten bitcoin ETFs did $10b in volume today, smashing prev record set last Wed … Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETFs under 2mo old. IBIT, FBTC, BITB, ARKB all w record days.
The 10 spot bitcoin ETFs are Blackrock’s Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin ETF (BRRR), and Grayscale Bitcoin Trust (GBTC).
Many anticipate further BTC price increases due to the high demand for spot bitcoin ETFs and the approaching Bitcoin halving. Several prominent figures in the cryptocurrency space have offered bullish predictions for bitcoin’s price this year. Bitwise’s CIO sees potential for a surge above $200,000, emphasizing that there is “too much demand and not enough supply.” Skybridge Capital’s founder believes it’s still an opportune time to invest in BTC, while Galaxy Digital’s CEO sees “tremendous global demand for bitcoin.” Veteran trader Peter Brandt also upped his price target for the current BTC bull market to $200,000, reflecting the overall optimistic sentiment. However, JPMorgan contradicts optimistic market expectations, predicting a BTC price drop to $42,000 after the halving.
Source : Bitcoin News by Kevin Helms / Mar 6, 2024