Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) is seeing a “surge” in volumes among its new institutional investment products — nearly 1,000 United States firms have bought Bitcoin exchange-traded funds (ETFs).
<a href="https://x.com/santimentfeed/status/1790909905802756401/photo/1" target="_blank" rel="noopener nofollow">Data</a> from research firm Santiment uploaded to X on May 16 showed daily spot Bitcoin volumes passing $5 billion.
<h2 id="one-day-seven-bitcoin-etfs-5-65-billion-in-volume">One day, seven Bitcoin ETFs, $5.65 billion in volume</h2>
Bitcoin ETFs have seen performance absent since around the time that BTC/USD hit all-time highs of $73,800.
As Santiment revealed, this week has seen the seven largest U.S. spot ETFs manage $5.65 billion in volume among them — the highest since March 24.
“Gone are the days of whales only accumulating onchain,” Santiment wrote in comments, describing volume as “picking up major steam.” 
Reacting, hedge fund manager Thomas Kralow was equally bullish.
“This surge in trading activity is a very positive indicator for the market!” he <a href="https://x.com/TKralow/status/1791084739933208612/photo/1" target="_blank" rel="noopener nofollow">told</a> X followers about the data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/eed0b446-9d4e-4e33-ba6b-d15037042f10.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin spot ETF data. Source: Santiment/X
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</figure>
The spot ETFs have enjoyed a return to form as May continues, with inflows positive every day this week as of May 17.
Even the Grayscale Bitcoin Trust (GBTC), previously known for considerable outflows, saw modest interest, which totaled $27 million and $4.6 million for May 16 and 17, respectively, per data from sources including United Kingdom investment firm <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">Farside</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/2dd60949-155c-48a7-916a-d8073d34abfe.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF flows (screenshot). Source: Farside
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</figure>
In addition, form 13F filings now&nbsp;<a href="https://x.com/WatcherGuru/status/1791151750990242264" target="_blank" rel="noopener nofollow">show</a> that in Q1, 937 U.S. firms had exposure to Bitcoin ETFs. By contrast, during the first quarter after their own launch, gold ETF attracted just 95 firms.
<h2 id="btc-price-action-clearly-establishes-60k-support">BTC price action “clearly” establishes $60K support</h2>
Considering where BTC price action may head from here, trading firm QCP Capital saw several factors aligning to induce bullish continuation.
Related: <a href="https://cointelegraph.com/news/vanguard-new-ceo-bitcoin-etf-not-happening">Vanguard’s new boss says Bitcoin ETF not on the table: Report</a>
In its latest update sent to Telegram channel subscribers, QCP highlighted “genuine institutional and sovereign adoption,” as well as Bitcoin now exiting its halving period.
“We had multiple sharp v-shape recoveries whenever Bitcoin dipped under 60k, which clearly makes it a buy-the-dip zone,” it summarized.
Earlier, <a href="https://cointelegraph.com/news/bitcoin-analysis-74k-next-btc-price-hold-gains">Cointelegraph reported</a> on increasing bullish conviction over BTC/USD, with calls for new all-time highs and <a href="https://cointelegraph.com/news/bitcoiner-called-pre-halving-predicts-95k-btc-price">even $95,000 coming next</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/bb450099-9ae3-4744-89b3-8ce3f90f441b.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
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Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed the pair attempting to crack overhead resistance toward $67,000 at the time of writing, having <a href="https://cointelegraph.com/news/bitcoin-us-jobs-data-btc-price-66k-support">hit new May highs</a> the day prior.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ETF volumes hit 7-week high as BTC price nears $67K

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