United

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The United States spot Bitcoin (BTC) exchange-traded funds (ETF) hit a record $10 billion in trading volume on March 5.</li>
 <li>Bitcoin reached a new all-time high before experiencing a 12% drop within five hours.</li>
</ul>
<p>On March 5, spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded funds (ETF) in the United States achieved a record-breaking trading volume of $10 billion.</p>
<p>This occurred as Bitcoin reached a new peak, before a significant drop of around 12% over the next five hours.</p>
<h2 id="record-breaking-trading-volume">Record-Breaking Trading Volume</h2>
<p>ETF analyst Eric Balchunas reported these figures, remarking on the impressive numbers for ETFs that are less than two months old.</p>
<p>Alessandro Ottaviani, a Bitcoin analyst, reported a slightly lower trading volume of $9.58 billion for the funds.</p>
<p>This figure still surpassed the previous record of $7.7 billion set on Feb. 28.</p>
<h2 id="significant-price-fluctuations">Significant Price Fluctuations</h2>
<p>On the day of the U.S. trading, Bitcoin experienced significant price swings.</p>
<p>It hit a new all-time high of $69,200 around 3:00 pm UTC on March 5, then fell 12% to a low of $60,860 about five hours later.</p>
<p>Despite reaching a new peak, Bitcoin was down over 6% over the last 24 hours.</p>
<p>IBIT and FBTC both experienced around 8.6% drop on the day, with other spot Bitcoin ETFs recording similar price drops.</p>
<p>In a post on March 5, an analyst jokingly explained to those new to Bitcoin through the ETFs that the price swing was a monthly occurrence during bull markets to eliminate “leveraged degenerates.”</p>
<p>They also pointed out that in traditional markets, the government steps in to stop trading and bail out investors if stocks fall more than 10% in a day.</p>
<p>Balchunas agreed, noting that there are rules and protections in place to prevent such occurrences.</p>

Record-Breaking Trading Volume for Bitcoin ETFs as BTC Price Skyrockets

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