Bitcoin ETF

Spot

James

<img width="1260" height="710" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin ETF" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2.jpg 1260w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-1224x690.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-768x433.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-ETF-2-150x85.jpg 150w" sizes="(max-width: 1260px) 100vw, 1260px">
The total spot Bitcoin ETF trading volume for all ten issuers as of February 22 is very close to crossing the $50 billion mark. 
<h2 id="strong-spot-bitcoin-etf-sets-sail-for-50b-benchmark-strong">Spot Bitcoin ETF Sets Sail for $50B Benchmark</h2> 
In a Bloomberg Intelligence data chart shared by James Seyffart, one of its Senior ETF Analysts, it was showcased that the total trading volume from Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, and the others is currently pegged at $49.7 billion.&nbsp; 
This figure is quite close to the $50 billion mark and is likely to reach it before the close of the day if the trading volume gains additional steam. 
Grayscale registered up to $20 billion in trading volume although its total flows show that it is still experiencing significant outflows. All the spot Bitcoin ETFs <a href="https://coingape.com/breaking-bitcoin-etfs-shocks-crypto-market-with-88m-outflow-whats-next/">witnessed a substantial outflow</a> of $88 million as of the time the data was published. IBIT has recorded about $13.15 billion with $5.6 billion in total flows. Fidelity’s FBTC has recorded $9.1 billion in trading volume and $4 billion in total flows.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Been a while but here's how things look in the Cointucky Derby for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs since their launch. <a href="https://t.co/g5x3Kj813D">pic.twitter.com/g5x3Kj813D</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1760690276736319758?ref_src=twsrc%5Etfw">February 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Compared to the first week when it <a href="https://coingape.com/just-in-valkyrie-bitcoin-etf-brrr-soars-12-pre-market-as-rivals-extend-declines/">recorded</a> an impressive surge of over 12% in the pre-market trading session, Valkyrie is not seeing as much trading volume as any of the other spot Bitcoin ETF issuers per current data. In order to boost its outlook, Valkyrie recently extended its BTC custodian list to <a href="https://coingape.com/spot-bitcoin-etf-valkyrie-expands-its-primary-custodian-list/">include BitGo</a> 
Markedly, Valkyrie has only $79 million in trading volume even though its total flows ($135 million) supersedes that of VanEck ($95 million), Franklin Templeton’s EZBC ($87.5 million), and WisdomTree’s BTC, the product with the lowest volume at $25.5 million). 
<h2 id="strong-spot-etf-and-bitcoin-price-correlation-strong">Spot ETF and Bitcoin Price Correlation</h2> 
The growth in trading volume for these spot Bitcoin ETFs may be attributed to the recent rise in the price of Bitcoin. <a href="https://coingape.com/crypto-prices-today-bitcoin-flux-at-51k-ethereum-sol-xrp-pepe-slip/">Bitcoin price crossed the $52,000</a> level a few days ago and is now sitting at $51,440.50 with a 0.23% increase in its price within the last 24 hours.&nbsp;&nbsp; 
Many analysts are still optimistic that BTC will experience more growth in the coming weeks. Renowned crypto market analyst, Ali Martinez, <a href="https://coingape.com/top-analyst-predicts-bitcoin-price-rally-whats-the-scoop/">projects Bitcoin’s price</a> to rally to $57,000, especially with the growing immense curiosity among traders and investors within the global crypto realm.&nbsp; 
Also, Max Keiser is optimistic that the price of Bitcoin could <a href="https://coingape.com/bitcoin-maxi-expects-btc-price-at-500k-with-a-1987-like-us-stock-market-crash/">increase tenfold</a> from its current level, however, his prediction is linked to a major correction in the United States stock market coming ahead. Signs of an uptick in Bitcoin’s price is a positive catalyst that might further drive a FOMO into the spot Bitcoin ETF market in the near term. 
The post <a href="https://coingape.com/spot-bitcoin-etfs-eyes-volume-ath-btc-price-role-uncovered/">Spot Bitcoin ETFs Eyes Volume ATH, BTC Price Role Uncovered</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Spot Bitcoin ETFs Eyes Volume ATH, BTC Price Role Uncovered

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