In a testament to the enduring appeal of spot Bitcoin (BTC) ETFs, these investment vehicles have marked two consecutive days of record-breaking trading volumes, buoyed by the latest uptrend in Bitcoin’s price.
As reported by Santiment, the collective trading volume for the seven largest spot Bitcoin ETFs reached a new all-time high of $7.64 billion as of February 26th. This milestone represents a substantial increase from the previous record of $6.15 billion, indicating a remarkable surge of $1.49 billion within just two days. Notably, the market hit the $6.15 billion high on February 25th, highlighting the consecutive nature of these new ATHs.
The recent uptick in trading volume follows a period of sustained decline since reaching a peak of $4.52 billion on February 19th. During this downward trend, trading volume experienced three consecutive days of decline, plummeting to a one-week low of $1.64 billion on February 22nd. This dip in interest coincided with a period of bearish pressure on BTC, with the cryptocurrency experiencing three consecutive intraday losses from February 20th to 22nd, sliding to the lower end of the $50K threshold.
However, the resurgence in Bitcoin’s price, particularly over the weekend, has reignited investor interest in spot Bitcoin ETF products. As Bitcoin surged past $54,000 on Monday, kicking off a new week of trading, these ETFs experienced a revitalization in trading volume. Santiment suggests that this renewed interest can be attributed to heightened FOMO surrounding Bitcoin, as investors rush to capitalize on the upward trend. Additionally, with 97% of BTC holders now seeing profits on their investments, significant profit-taking trades have ensued.
Among the seven largest Bitcoin ETFs, Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have emerged as standouts. FBTC recorded a record volume of $4.28 billion on February 26th, while IBIT witnessed a new high of $1.25 billion on the same day.
Meanwhile, Bitcoin’s recent breach of the crucial $59,000 mark signals its determination to reclaim the previous all-time high of $68,000. Currently trading at $59,320, Bitcoin’s upward momentum is fueled by substantial demand, with its sights set on surpassing the $60,000 price point in the near future.
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