Back-to-Back Days Witness Spot Bitcoin ETFs Achieving New All-Time Highs in Trading Volume
Spot Bitcoin (BTC) exchange-traded funds (ETFs) are gaining significant attention as they achieve new record-high trading volumes. According to Santiment, the combined trading volume for the seven largest spot Bitcoin ETFs reached a new high of $7.64 billion on February 26. This surpassed the previous record of $6.15 billion by $1.49 billion. Remarkably, the market witnessed the previous high on February 25, indicating that the new all-time highs were achieved in consecutive days.
After experiencing a period of decline in trading volume since reaching a high of $4.52 on February 19, there has been a recent uptick in trade volume. Notably, the volume saw three consecutive days of decline, reaching a one-week low of $1.64 billion on February 22. During this time, BTC faced bearish pressure and saw three consecutive intraday losses, dropping by nearly 3% to the lower end of the $50,000 range.
The recovery in Bitcoin’s price, which began over the weekend, has reignited interest in spot Bitcoin ETFs. As Bitcoin surged past $54,000 on Monday, coinciding with the start of a new week of trading, these ETFs experienced a resurgence in trading volume. Santiment suggests that this renewed interest can be attributed to the fear of missing out (FOMO) surrounding BTC, as investors rush to capitalize on the uptrend. Additionally, as a result of the surge, 97% of BTC holders are now seeing profits on their holdings, leading to significant profit-taking trades.
Among the seven largest Bitcoin ETFs, Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have stood out. FBTC reached a record volume of $4.28 billion on February 26, while IBIT achieved a new high of $1.25 billion on the same day.
Meanwhile, Bitcoin recently surpassed the crucial $59,000 mark in its push to reclaim the previous all-time high of $68,000. The cryptocurrency is currently trading at $59,320, with its sights set on reaching the $60,000 price point amidst high demand.
