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10 months ago
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ARTICLE AD BOX
The post Spot Bitcoin ETFs Achieve Second-Highest Daily Trading Volume, Hitting $5.5B appeared first on Coinpedia Fintech News
On a remarkable day for the U.S. stock market, the trading of spot Bitcoin Exchange-Traded Funds (ETFs) surged to the second-highest daily volume ever recorded, hitting an impressive $5.5 billion, according to Bloomberg expert.
Eric Balchunas. BlackRock’s IBIT leads the charge, with its assets under management (AUM) surpassing the $11 billion mark. Here is how much each ETF made yesterday:-
- Grayscale: $1,530,679,380
- Fidelity: $1,075,371,219
- ARK Invest: $245,272,021
- Bitwise: $163,028,812
- VanEck: $27,470,679
- Invesco: $25,336,074
- WisdomTree: $16,375,176
- Franklin: $16,141,320
- Valkyrie: $5,035,376
- Hashdex: $315,654
How Bitcoin is Doing
The cryptocurrency market is currently experiencing a period of intense enthusiasm, with Bitcoin nearing its peak value of $69,000. At the time of writing, the king crypto was worth $68,381. This upward trend is backed by ongoing investments and growing prices, but it also makes people worry about potential market corrections. Analysts suggest that while a 20-30% market correction might occur due to the rapid increase, it’s likely going to be temporary.
Meanwhile, as the Bitcoin ETF craze is going on, anticipation for a potential Ethereum spot ETF seems to be losing the market’s excitement. Balchunas pointed out that, in comparison to the Bitcoin ETFs’ success, an Ethereum ETF might not make as big of a splash. He compared it to a less well-known band playing after the main act at a concert, suggesting that Ethereum ETFs might have no real impact.
This point of view comes from the huge success of Bitcoin ETFs, which have seen over $7 billion in net flows since they started trading on January 11. Bitcoin is getting close to its all-time high price, which shows how excited the market is for it. This, along with the halving, has made the cryptocurrency market kick off a bull run.
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