Bitcoin is back in the spotlight, and this time it’s the exchange-traded funds (ETFs) making headlines. According to Santiment, a market intelligence powerhouse, trading volume for top Bitcoin ETFs has skyrocketed, reaching its highest level since mid-May. But wait, there’s more!
According to a report by Santiment, a market intelligence platform, the combined trading volume for the top seven largest Bitcoin ETFs hit around $2.89 billion.
Despite this surge in ETF activity, interest from retail investors in Bitcoin has dipped to its lowest point in five months, reminiscent of a similar trend observed in January. However, historical data suggests that such declines can precede substantial upswings, as evidenced by a remarkable 75% surge over the following two months.
The recent spike in Bitcoin ETF trading volume has piqued the interest of investors and analysts alike. Santiment’s report reveals a significant increase in trading activity across the top seven BTC ETFs, including well-known names like GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL.
The latest surge, amounting to $2.89 billion, mirrors patterns observed previously on March 5th, when volume peaked at an impressive $11.13 billion. This surge indicates a renewed interest among investors, possibly signaling a reaction to market dips.
In contrast, U.S. spot Bitcoin exchange-traded funds have seen net outflows of $200 million on Tuesday, continuing a trend from Monday, which marked the end of their 19-day streak of net inflows.
Grayscale led this exodus, experiencing the largest net outflows of $121 million, followed by Ark Invest with $56 million in net outflows.
Meanwhile, CryptoQuant author Axel Adler, pointed out that Interest in Bitcoin from retail investors has dropped to the lowest level in five months, similar to what happened back in January. But back then, Bitcoin shot up by a whopping 75% in the next two months.
Adler notes a significant -17% average monthly change in Bitcoin demand among retail investors (<$10K). Previously, a similar -18% drop led to Bitcoin’s price skyrocketing from $40K to $70K after the approval of spot Bitcoin ETFs in the U.S.
Adler suggests that while retail demand for Bitcoin may currently be low, historical trends hint at the potential for a 75% surge, possibly propelling Bitcoin’s price to around $120k in the coming months.
As of now, Bitcoin is trading at $67,412, reflecting a 1.4% decrease in the last 24 hours. Despite this drop, trading volume has surged by 8%, reaching $31.3 billion, with a market cap of $1.32 trillion.
Also Read: Bitcoin ETF Tracker: May Month Performance Review and Insights
It’s an exciting weekend for crypto fans, and especially for those watching XRP closely. There’s…
Another Viral Elon Moment — Another Meme Coin Surge This week, Elon Musk once again…
In a market full of noise, the tokens that make the biggest moves often do…
Investors are monitoring Ethereum intently since it is on the verge of a crucial breakout.…
Last year, BONK and BlockDAG (BDAG) performed tremendously and created generational wealth for many investors.…
With the cryptocurrency market steadily recovering and capital beginning to flow into high-utility projects, one…
