Bitcoin ETF

Bitcoin

Spot

<div class="finbold"> 
 <p class="paragraph">Since February 2024, Bitcoin (BTC) has traded in a price range between $60,000 and $72,000, with two deviations. This has carved a mostly neutral momentum for the leading cryptocurrency, now seeing its trading and transaction volume fade away.</p> 
 <p class="paragraph">Finbold retrieved data from <em>Santiment</em> on June 2 showing both metrics with the BTC price, currently at $68,100. In particular, the seven-day trading volume plummeted below $14 billion to the same level as 2023, when Bitcoin traded below $30,000.</p> 
 <p class="paragraph">Moreover, the chart evidences a lack of interest in Bitcoin <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> and on-chain <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s, with the second remarkably low. As observed, the network registered only 722,000 BTC moved in seven days. This contrasts with the 1.79 million BTC in October 2023, with a similar <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> and half the price.</p> 
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;"> 
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 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="561" src="https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp" alt="" class="wp-image-180263" srcset="https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp 1024w, https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp 300w, https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp 768w, https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp 1536w, https://cdn.thebittimes.com/images/2024/06/03/97e445a538b6387af560ed392341815f.webp 2022w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Year-over-year BTC chart: Price, <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>. Source: <em>Santiment</em> / Finbold (Vini Barbosa, <em>Sanbase Pro</em>)
  </figcaption>
 </figure> 
 <p class="paragraph">If we zoom out of the chart, Bitcoin’s current on-chain <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> shows its lowest value since the beginning. This highlights a remarkably low network activity, which has not followed the increased demand for speculative BTC over the years.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="347" src="https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp" alt="" class="wp-image-180264" srcset="https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp 1024w, https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp 300w, https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp 768w, https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp 1536w, https://cdn.thebittimes.com/images/2024/06/03/4f226ad78c0bc3bc360d70e127281259.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   All-time chart: Price (BTC), transaction volume (BTC and USD). Source: <em>Santiment</em> / Finbold (Vini Barbosa, <em>Sanbase Pro</em>)
  </figcaption>
 </figure> 
 <h2 class="wp-block-heading" id="h-bitcoin-etfs-and-derivatives-volume">Bitcoin ETFs and derivatives volume</h2> 
 <p class="paragraph">Meanwhile, this year’s approved Bitcoin spot ETFs have made $1.73 billion, according to data retrieved from <em>IntoTheBlock</em> and <em>Yahoo</em>. Overall, these ETFs‘ last seven trading days totaled $12 billion in volume, similar to BTC’s spot volume on crypto exchanges.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="345" src="https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp" alt="" class="wp-image-180265" srcset="https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp 1024w, https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp 300w, https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp 768w, https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp 1536w, https://cdn.thebittimes.com/images/2024/06/03/25f91f5b2eae933df97e161f7fdd5030.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Spot Bitcoin ETF Volumes. Source: <em>Yahoo Finance / IntoTheBlock</em>
  </figcaption>
 </figure> 
 <p class="paragraph">This suggests an increased interest in trading the regulated and custodial exchange-traded funds instead of Bitcoin itself.</p> 
 <p class="paragraph">The derivatives volume also highlights the increased interest in purely speculative demand for the leading cryptocurrency. Data from <em>CoinGlass</em> shows a daily volume superior to $34 billion—nearly three times the seven-day volume for spot trading.</p> 
 <p class="paragraph">Notably, the exchanged <a rel="dofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> of futures contracts and other Bitcoin derivatives financial products has remained stable after peaking in March 2024.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="289" src="https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp" alt="" class="wp-image-180266" srcset="https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp 1024w, https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp 300w, https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp 768w, https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp 1536w, https://cdn.thebittimes.com/images/2024/06/03/05e73fed470f1e78f9d9d29be338436e.webp 1820w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC derivatives volume. Source: <em>CoinGlass</em>
  </figcaption>
 </figure> 
 <p class="paragraph">In conclusion, these indicators suggest a higher market interest in BTC price speculation through Bitcoin ETFs and derivatives. This is opposed to acquiring Bitcoin for self-custody or long-term hold from cryptocurrency exchanges or using the permissionless blockchain for real peer-to-peer transactions.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-registers-an-all-time-low-transaction-volume-spot-trading-fades-away-tbt90994.html">https://thebittimes.com/bitcoin-registers-an-all-time-low-transaction-volume-spot-trading-fades-away-tbt90994.html</a></p>

Bitcoin registers an all-time low transaction volume, spot trading fades away

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