Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

The United States spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) exchange-traded funds (ETF) had a record $10 billion in trading volume on March 5 as Bitcoin notched a new all-time high before it plummeted around 12% over the next five hours. 
“These are bananas numbers for ETFs under [two months] old,” Bloomberg ETF analyst Eric Balchunas said in a March 5 X <a href="https://x.com/EricBalchunas/status/1765121689036427654" target="_blank" rel="noopener nofollow">post</a> reporting the figures.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-03/4e762eab-ceea-4340-9408-aac85cdd9d3a.jpg">
 <figcaption style="text-align: center;">
 Daily volume chart of the ten spot BTC funds from their first trading day on Jan. 11. Source: <a href="https://twitter.com/EricBalchunas/status/1765121689036427654" target="_blank" rel="noopener nofollow">Eric Balchunas</a>/X
 </figcaption>
</figure>
Bitcoin analyst Alessandro Ottaviani <a href="https://x.com/AlexOttaBTC/status/1765125586706641170" target="_blank" rel="noopener nofollow">posted</a> a slightly lower trading volume of $9.58 billion for the funds — which still beat <a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-billion-break-records">the previous record of $7.7 billion</a> set on Feb. 28.
BlackRock’s iShares Bitcoin ETF (IBIT) saw the most volume at $3.7 billion, while the Grayscale Bitcoin Trust (GBTC) and the Fidelity Wise Origin Bitcoin Fund (FBTC) respectively tallied $2.8 billion and $2 billion, per Ottaviani’s figures.
Bitcoin saw significant price swings over the U.S. trading day, hitting a <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">new all-time high of $69,200</a> at around 3:00 pm UTC on March 5, then falling 12% to a low of $60,860 about five hours later, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko. 
Bitcoin has partially recovered to $63,350 at the time of writing.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-03/4785fc5d-1055-4a9a-a703-83480ff544ce.png">
 <figcaption style="text-align: center;">
 Despite hitting a new high, Bitcoin is down over 6% over the last 24 hours. Source: CoinGecko.
 </figcaption>
</figure>
IBIT and FBTC both fell around 8.6% on the day, with other spot Bitcoin ETFs recording similar price drops, <a href="https://www.google.com/finance/quote/IBIT:NASDAQ" target="_blank" rel="noopener nofollow">according</a> <a href="https://www.google.com/finance/quote/FBTC:BATS" target="_blank" rel="noopener nofollow">to</a> Google Finance.
Related: <a href="https://cointelegraph.com/news/bitcoin-best-day-ever-100k-btc-price-programmed">Bitcoin just had its best day ever — Is $100K BTC price programmed?</a>
In a March 5 X <a href="https://twitter.com/BitPaine/status/1765104061240774713" target="_blank" rel="noopener nofollow">post</a>, pseudonymous analyst Bit Paine joked to those new to Bitcoin through the ETFs that the price swing was “a monthly ritual during bull markets” to flush out “leveraged degenerates.”
“You are not used to this. In your markets, the government steps in to stop trading [and] bail you out if your boomer stocks fall more than 10% in a day,” they said.
“You have a point,” Balchunas <a href="https://twitter.com/EricBalchunas/status/1765106186041627082" target="_blank" rel="noopener nofollow">replied</a>. “We have limit up and limit down rules and the Fed to protect us from this kinda thing.”
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

Spot Bitcoin ETFs set trading volume record amid BTC price high

Cointelegraph

Other articles published on Mar 5, 2024

Cardano Mirrors Previous Bull Cycle: Analyst Eyes $10 for ADA If This Happens

Unusual Trading Volumes Observed in 5 Altcoins in South Korea as Bitcoin Beats Its Record

Big Gains Seem Imminent for Raffle Coin (RAFF) as Stage 1 Launches with Continuous Ethereum (ETH)...

Price Prediction 2024: When Will Ravencoin (RVN) Break the $0.30 Barrier?

XRP Set to Smash $1.2 Barrier in Single Candle – What's Next?

NuggetRush (NUGX): New Memecoin Positioned to Surpass Bonk (BONK) and Pepe (PEPE)

Join our free newsletter for daily crypto updates!